Standard Chartered Sees Morocco’s Growth Staying Strong in 2026 on Investment and Non-Agricultural Momentum

Morocco’s economic growth is expected to reach 4.5% in 2026, following a better-than-expected performance in 2025 estimated at 4.8%, its highest level since the pandemic, according to Standard Chartered Global Research (SC Global Research).

This dynamic reflects the strength of non-agricultural sectors, particularly services and industry, as well as the acceleration of public and private investments, especially in the context of major projects related to the 2030 World Cup, which largely support domestic demand, explains SC Global Research in its annual Global Focus 2026 report, dedicated to economic trends likely to influence global markets as well as emerging economies, including Morocco.

Standard Chartered forecasts solid growth driven by investment and non-agricultural sectors in 2026

Ongoing disinflation continues to bolster household consumption, while tourism receipts and remittances from Moroccans living abroad remain strong, contributing to stable demand, the same source continues, noting that Morocco enters 2026 in a relatively favorable position.

Furthermore, the Standard Chartered report highlights several challenges, including insufficient rainfall at the start of the agricultural season, which limits sectoral recovery, noting that the current account deficit is expected to widen to 2.5% of GDP.

“Despite these factors, the economic fundamentals remain solid. The government remains committed to consolidating its public finances, with a deficit target of 3% in 2026, while Bank Al-Maghrib is expected to maintain its key interest rate at 2% while preparing the transition to an inflation-targeting regime by 2027, thus providing greater flexibility for the dirham and strengthening the credibility of the macroeconomic framework,” Standard Chartered report states.

In this context, the country director and head of the Morocco zone, Cynthia El Asmar, stated that “Morocco continues to demonstrate remarkable resilience in the face of global volatility,” emphasizing that the outlook for 2026 is supported by strong non-agricultural momentum, large-scale national investments, and a more favorable inflationary environment.

The Kingdom is also moving towards modernizing its monetary framework, a development expected to strengthen its macroeconomic stability in the medium term, El Asmar said, affirming Standard Chartered’s commitment to supporting Morocco’s ambitions and facilitating investments that support its sustainable growth.

__

(Featured image by rc.xyz NFT gallery via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.