OECD: Strong growth in 2026 and 2027

Economic activity is expected to grow at a rate of 4.2% in 2026 and 4% in 2027. Consumption growth is expected to remain robust but moderate slightly due to inflationary pressures, mainly driven by external factors, which will contribute to eroding disposable income growth. Investment in infrastructure will continue to support domestic demand and fuel growth in the manufacturing and construction sectors. The strong growth in tourist arrivals and tourism revenues is expected to continue. An update on the OECD’s new economic outlook (published on December 02, 2025), which devotes an entire section to developments in the Moroccan economy.

■ Improving unemployment rate: Employment is gradually increasing in the formal sector, and the unemployment rate is expected to fall to 12.6% by 2027. However, persistently high unemployment among young people and women remains a problem. The risks are slightly skewed to the downside relative to the projections. On the positive side, the manufacturing sector could grow faster than expected. On the other hand, uncertainties, tariffs, and geopolitical tensions could weigh on projected external demand and worsen the trade deficit. Furthermore, the agricultural sector could be severely affected in the event of further droughts.

■ Impact of infrastructure investment: Consumption grew strongly in the first two quarters of 2025, driven by rising purchasing power and improved consumer confidence amid falling inflation. Infrastructure investment continues to fuel overall investment growth, thanks to Morocco hosting major events. The tourism sector continues to show robust growth momentum, with more than 16 million tourists in the first ten months of 2025. In the agricultural sector, activity rebounded in 2025 after the droughts of 2023 and 2024, but vulnerability to climate shocks remains high.

■ Recommendations: It is essential for Morocco to strengthen competition in the market by continuing to reform public enterprises and combating corruption and the informal economy, recommends the OECD. Streamlining budget transfers to public enterprises and improving their performance will also increase dividends paid to the state budget and harmonize the rules of the game. The adoption of legislation regulating lobbying activities would increase transparency. Measures to promote the continued digital transformation would reduce the need for face-to-face interactions and keep track of all transactions.

■ Impact of infrastructure investment: Consumption grew strongly in the first two quarters of 2025, driven by rising purchasing power and improved consumer confidence amid falling inflation. Infrastructure investment continues to fuel overall investment growth, thanks to Morocco hosting major events. The tourism sector continues to show robust growth momentum, with more than 16 million tourists in the first ten months of 2025. In the agricultural sector, activity rebounded in 2025 after episodes of The adoption of legislation regulating lobbying activities would increase transparency. Measures to promote the continued digital transformation would reduce the need for face-to-face interactions and keep track of all operations.o
F.Z.T.