The financial institution forecasts growth of 4.5 per cent in 2026, driven by investment and under control inflation.
The Kingdom’s macroeconomic trajectory demonstrates its strength in an international environment marked by geopolitical tensions and volatile energy prices. According to the October 2026 edition of the World Economic Outlook, published on 13 October by the International Monetary Fund, Morocco is expected to record growth of 4.5 per cent in 2026, followed by growth of 4.2 per cent in 2027, after reaching 4.9 per cent in 2025. This performance is underpinned by a strong agricultural season, sustained public investment and the continued dynamism of the tourism sector. The Washington-based institution also highlights the remarkable control over consumer prices, with inflation projected at 0.9 per cent in 2026 and then 1.4 per cent in 2027, following 0.8 per cent the previous year. At the same time, this sustained economic activity is expected to lead to a gradual easing in the labour market, with the unemployment rate forecast to fall from 12.2 per cent in 2026 to 11.3 per cent in 2027. This financial credibility is further underpinned by the country’s access to the Fund’s Flexible Credit Line, approved on 2 April 2025 and reserved for economies with particularly robust fundamentals.
The challenge of extending growth to the private sector
Beyond the favourable overall indicators, the financial institution’s analysts call for the consolidation of structural drivers of growth in order to maximise the social impact of this momentum. To sustainably translate this macroeconomic performance into the creation of skilled jobs, the report recommends encouraging a more marked upturn in private investment, ensuring fair competition between public and private operators, and continuing reforms aimed at making the labour market more flexible. In this regard, the predictability of the fiscal and monetary framework is a key asset in reassuring domestic and international investors, particularly in the run-up to the major infrastructure projects linked to preparations for the 2030 World Cup.
Benefits for productive investment and purchasing power
The combination of growth above the global average and inflation kept below one per cent in 2026 provides an environment conducive to preserving household purchasing power and ensuring financial stability for small and medium-sized enterprises. By strengthening the confidence of international financial partners and encouraging private-sector participation in the industrial, tourism and technology sectors, the Kingdom is reinforcing the regional foundations of its economic development and promoting the integration of young people into the labour market across the whol
e country.
