Economic growth within reach, with risks tilted to the downside
B2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in February 2023.
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GDP | USD132.73bn (World Ranking 58, World Bank 2021) |
Population | 37.35mn (World Ranking 40, World Bank 2021) |
Form of state | Constitutional Monarchy |
Head of government | Aziz Akhannouch (Prime Minister) |
Next elections | September 2026, Legislative |

- King Mohammed VI remains popular and the monarchy an acceptable form of governance for the majority of the population
- Among the most diversified economies in North Africa, with ongoing initiatives to reduce import dependence and consolidate the fiscal profile
- In 2022, net receipts from tourism surpassed the record year of 2019 and remittances also improved to reach 8.7% of GDP

- Widening gap between rural and urban standards of living and increasing social unrest in cities
- Exposure to drought and/or a resurgence of the price of commodities that Morocco imports could deteriorate living standards further and impact the current account
- Heightened diplomatic tensions with neighboring countries and the EU over increased controls on journalists and critical voices, the plan for the Western Sahara and corruption investigations involving the EU Parliament
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Spain
23.2%
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1 |
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France
22.3%
![]() |
2 |
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India
5.3%
![]() |
3 |
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Brazil
4.5%
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4 |
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Italy
4.5%
![]() |
5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Electrical machinery, apparatus and appliances, n.e.s.
16.2%
|
1 |
9.0%
Petroleum, petroleum products and related materials
|
Articles of apparel & clothing accessories
11.8%
|
2 |
8.8%
Road vehicles
|
Road vehicles
11.4%
|
3 |
7.5%
Electrical machinery, apparatus and appliances, n.e.s.
|
Fertilizers other than group 272
11.1%
|
4 |
6.1%
Textile yarn and related products
|
Vegetables and fruits
10.7%
|
5 |
5.2%
Cereals and cereal preparations
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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