British bank Standard Chartered is forecasting a 4.5% growth rate for Morocco’s economy in 2026, driven by strong performance in non-agricultural sectors and a surge in investment tied to major national development projects.
In its annual Global Focus 2026 report, the bank projects Morocco’s GDP will rise by 4.5% next year, following an estimated 4.8% increase in 2025—the highest since the onset of the COVID-19 pandemic. This outlook exceeds earlier expectations and reflects the momentum building in industries outside agriculture, particularly in services and manufacturing, along with a ramp-up in both public and private investment.
Among the key contributors are large-scale infrastructure initiatives being developed in preparation for the 2030 World Cup. These projects are expected to boost domestic demand and act as a catalyst for broader economic activity.
The report also highlights the positive effects of easing inflation, which has supported household spending. At the same time, strong tourism revenues and continued remittances from the Moroccan diaspora are helping sustain internal demand and bolster economic resilience.
Despite the upbeat picture, Standard Chartered points to vulnerabilities in agriculture, especially due to insufficient rainfall at the start of the current farming season. As a result, the current account deficit is expected to inch up slightly to 2.5% of GDP.
Still, Morocco’s overall economic fundamentals remain solid. The government aims to keep the budget deficit capped at 3% in 2026, while the central bank, Bank Al-Maghrib, is likely to maintain its key interest rate at 2%. Beginning in 2027, the bank is also planning a gradual shift toward an inflation-targeting regime, which would give the dirham greater flexibility and strengthen the country’s monetary framework.
Commenting on the findings, Cynthia El Asmar, Standard Chartered’s Country Head for Morocco, praised the country’s ability to remain resilient in the face of global uncertainty. She emphasized that non-agricultural growth, strategic investment, and the stabilization of inflation will all play pivotal roles in Morocco’s continued economic momentum in 2026.
El Asmar also reaffirmed the bank’s commitment to supporting Morocco’s long-term goals, including sustainable development and the modernization of its macroeconomic environment.
