The post-election period opens a phase of trade-offs for Moroccan economic policy. Purchasing power, employment, investment, water, housing, social protection and competitiveness must be reconciled with budgetary margins and external balances as the 2027 Finance Bill nears. Bank Al-Maghrib held its policy rate at 2.25% on 22 September and forecasts average inflation of 0.7% in 2026 and 1.5% in 2027. Yet prices rose 0.8% in August alone, with food up 0.9%, keeping household purchasing power under pressure.
Social policy is now a structural part of public spending. Direct aid reaches nearly 3.9 million households, more than 12.5 million people. Consultant Oussama Ouassini says the 2027 Finance Bill should favor continuity while keeping targeted room for arbitration. Any change to the income tax scale remains uncertain until the bill is formally presented.
The labor market is a key test. The active population reached 11.764 million in the second quarter, up 147,000, while strict unemployment stood at 9.5% and the broader measure at 14.7%. Ouassini says energy and water are decisive cost components for many industries.
Water scarcity weighs on agriculture, industry and investment decisions, and the 2026-2027 farming season opens under persistent constraints. Ouassini warns that fragmented marketing channels and heavy intermediation keep price falls from reaching consumers. On housing, direct aid had drawn over 218,000 applications and more than 105,000 beneficiaries by 3 June, but its impact depends on property supply and bank credit.
External balances impose a limit. By end-July, imports of goods and services were up 16.1%, against 10.9% for exports. Tourism acts as a cushion, with arrivals up 4.5% between January and August, and foreign direct investment is up 58.5%. These issues form a single equation, the article concludes, and Ouassini argues growth cannot rest on a few isolated sectors.
