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Morocco overview


In Morocco we focus on:

  • Realizing Morocco’s entrepreneurial potential, promoting women’s entrepreneurship and increasing finance to small and medium-sized enterprises.
  • Promoting regional economic development and gender inclusion by improving the business environment and supporting equal employment opportunities for men and women in rural areas
  • Supporting the sustainability and improving the efficiency and quality of infrastructure and utility services by the commercialisation of public services and infrastructure
  • Advancing the development of capital markets by broadening the range of financial instruments and promoting innovative financial solutions. 

We continue to cooperate with other IFIs, the EU and bilateral partners to ensure that our operations take full account of their work as well.

The EBRD’s Morocco strategy was approved on 11 February 2015

Joint EBRD-EIB-AfDB Private Sector Development Report: English | French

EBRD 2022 Annual Meeting and Business Forum in Marrakech

Current EBRD forecast for Morocco’s Real GDP Growth in 2023 3.1%

Current EBRD forecast for Morocco’s Real GDP Growth in 2024 3.0%

Morocco’s economy has recovered from a difficult 2022, with growth rising to 3.4 per cent year on year in the first half of 2023. On 8 September 2023, a devastating earthquake in the Atlas mountains resulted in widespread destruction of buildings and transport infrastructure in parts of Marrakesh and surrounding towns and villages. At the time of writing, the death toll was estimated to surpass 2,900 people. Reconstruction work set to begin in 2023 and continue in 2024 may provide a small boost to economic growth while at the same time increasing fiscal and external financing needs.10 The following forecasts do not yet incorporate the effects of the September 2023 earthquake as the likely impact on overall economic activity remains difficult to judge at this stage. With that, overall, growth in 2023 is expected to be around 3.1 per cent, up from the 1.3 per cent rate recorded in 2022 when a draught compounded the adverse impact of tighter global financing conditions. Growth in 2023 was so far supported by an improved harvest, a tourism boom, as well as slower inflation and recovering domestic demand. As a result, unemployment decreased slightly to 12.4 per cent in the second quarter of 2023, with higher rates among women (17.0 per cent), youth (33.6 per cent) and in urban areas (16.3 per cent). The government increased social expenditures in 2022 and 2023 thanks to improved tax collection and non-tax revenues, and the budget deficit is expected to continue to shrink (from 5.1 per cent of GDP in 2022 to 4.9 per cent in 2023). Overall, the country’s fiscal and debt situation remain sustainable owing to sound macroeconomic policy frameworks, and an IMF Flexible Credit Line (FCL) was agreed in early 2023. Growth is expected to reach 3.0 per cent in 2024, reverting to pre-pandemic levels in the medium run, with accelerated reform momentum potentially improving the outlook further. Better weather conditions, easing inflation, the relative pickup in domestic and external demand, and higher investor confidence due to Morocco’s removal from the Financial Action Task Force’s (FATF) Grey List are expected to support economic activity. Still, Morocco remains vulnerable in the medium term to sharp increases in hydrocarbon prices as it imports most of its energy needs, as well as to volatility in the agricultural sector.


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