Morocco is poised to enter 2026 in a favorable position, with Standard Chartered forecasting 4.5% economic growth for the year, driven by resilient non agricultural sectors, accelerating investment, and robust domestic demand.
The projection was published in Standard Chartered Global Focus 2026 report. It follows an estimated 4.8% expansion in 2025, marking the strongest post pandemic performance for the kingdom.
However, the forecast was published prior to the abundant rainfall that has filled dams after years of drought.
According to the report, services and industry remain the primary engines of Moroccan growth, supported by both public and private investment initiatives.
Major infrastructure works- particularly those linked to preparations for the 2030 FIFA World Cup- continue to bolster internal demand, it said, adding that a gradual decline in inflation is expected to stimulate household consumption, while tourism revenues and remittances from Moroccans living abroad remain solid anchors for the economy.
However, Standard Chartered warns that several vulnerabilities could temper this trajectory, citing forecast of a widening current account deficit to 2.5% of GDP, driven by a rise in imports of capital goods associated with heightened investment activity.
Despite these challenges, the report underscores that Morocco’s economic fundamentals remain strong. Fiscal authorities are continuing along a consolidation path, seeking to reduce the public deficit to 3.0% of GDP in 2026. On the monetary front, Bank Al Maghrib is expected to maintain its benchmark interest rate at 2.0% while preparing for a shift to an inflation targeting regime by 2027, a move Standard Chartered views as enhancing macroeconomic credibility and exchange rate flexibility.
