The International Monetary Fund (IMF) has issued a positive forecast for Morocco’s economy, projecting a real GDP growth of 4.4% in 2026 and 4.5% in 2027.
This outlook follows the 2026 Article IV consultations and a mid-term review of the Flexible Credit Facility, where the IMF Executive Board praised Morocco’s remarkable resilience and ability to maintain macroeconomic stability despite ongoing global geopolitical tensions. The institution highlighted that this growth is primarily driven by a surge in domestic demand, significant public infrastructure investment, and an increasing role for the private sector.
According to Kenji Okamura, Deputy Managing Director of the IMF, Morocco continues to demonstrate very strong economic fundamentals and institutional frameworks, ensuring its ongoing eligibility for the Flexible Credit Line. This growth trajectory assumes a return to normal agricultural conditions and the continued success of structural investments. Key sectors such as tourism, construction, and agriculture, which showed strength in 2025, are expected to remain vital contributors to the nation’s economic momentum as growth eventually stabilizes at around 4% in the medium term.
While the fiscal outlook is considered solid, the IMF anticipates a temporary rise in inflation in 2026 due to fluctuating energy prices, though it expects a return to a stable rate of approximately 2% thereafter. International reserves are projected to remain at adequate levels to safeguard against external shocks. Furthermore, the fiscal framework remains disciplined, with the public debt-to-GDP ratio expected to gradually decline to 60.5% by 2031. To sustain this progress, the IMF recommends that Moroccan authorities continue their focus on structural reforms, human capital investment, and inclusive policies that foster job creation.
MK/AK/te/Sf/fss/abj/APA