Fitch Solutions upbeat outlook over Morocco’s tourism growth prospects

Morocco’s tourism arrivals will continue to expand in 2024, building on the market’s ability to recover to its pre-pandemic arrival (2019) levels in 2023, says Fitch Solutions in its latest business monitoring report.

Over the medium term (2024-2028), a projected annual growth of 4.4% will be supported by the government’s 2023-2026 Tourism Strategic Roadmap, adds the Fitch Company.

It expects Morocco’s arrivals to grow by 6.2% y-o-y in 2024 to reach 15.4 million. This is an upward revision from a previous 2024 forecast of 13 Mln arrivals. This marks a 112.1% increase on the pre-pandemic (2019) level and outpaced our projection for 2023, that Morocco would welcome 11 Mln arrivals for the year.

European markets such as Germany, Italy, Spain, the UK, and the Netherlands make up the largest share of Morocco’s arrivals and Marrakech and Agadir are popular destinations, particularly during winter for travelers from the European region seeking a beach holiday.

Morocco is also a popular destination for travelers from Middle East such as Saudi Arabia and the UAE seeking luxury and leisure holiday experiences, says Fitch Solutions.

Morocco’s arrivals will continue to grow during the 2024-2028, adds the report, forecasting Morocco’s arrivals to reach 17 million in 2026, 17.6 Mln in 2027 and 18 Mln in 2028.

In March 2023, Morocco’s PM Aziz Akhannouch chaired the signing of the 2023-2026 Tourism Strategic Roadmap. The $600 Mln plan seeks to attract 17.5 Mln tourists to the country by 2026, making tourism as a key sector in the national economy.

The North African Kingdom, which is a relatively affordable travel destination and will remain attractive to low-budget consumers as there are low-cost carriers flying directly between Morocco and its key source markets in Europe, reducing the cost and time of travel.