Economic growth within reach, with risks tilted to the downside

B2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2024.

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GDP USD134.2bn (World ranking 60, World Bank 2022)
Population 37.5mn (World ranking 40, World Bank 2022)
Form of state Constitutional Monarchy 
Head of government Aziz Akhannouch (Prime Minister)
Next elections  2026, Legislative
  • The Moroccan economy benefits from diversified exports, including agricultural goods, phosphates, manufacturing (automotive components, conductors and wires), contributing to a reduction in the external deficit
  • Despite challenges like the earthquake and prolonged drought, the tourism sector, particularly in Marrakesh, has shown resilience with minimal damage. Morocco remains a popular tourist destination, with remittances contributing significantly to hard currency inflows
  • The availability of international financing, including a USD5bn IMF precautionary credit line, provides a financial safety net, helping to manage fiscal and external balances in the face of reconstruction costs and subdued demand from major trading partners
  • Prolonged drought and below-average rainfall levels in late 2023 have led to a significant drop in water storage in dams, impacting agricultural output. Government actions to reduce water withdrawal may further strain agricultural productivity
  • The economy faces a risk of commodity price resurgence, especially for imports like liquefied natural gas. Diplomatic disputes with neighboring Algeria have disrupted gas supplies, affecting power plants and posing challenges to energy security
  • Diplomatic tensions with the EU, stemming from corruption allegations involving members of the European Parliament, increased controls on journalists and critical voices, while the plan for Western Sahara may reduce available financing and lead to increased trade selectivity

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Spain 20.0%
1
14.1% Spain
France 18.2%
2
10.6% France
Brazil 7.8%
3
10.0% China
India 6.3%
4
7.4% United States
United Kingdom 4.0%
5
6.5% Saudi Arabia

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Fertilizers other than group 272 18.6%
1
13.7% Petroleum, petroleum products and related materials
Road vehicles 13.6%
2
7.5% Road vehicles
Electrical machinery, apparatus and appliances, n.e.s. 13.2%
3
6.3% Electrical machinery, apparatus and appliances, n.e.s.
Vegetables and fruits 10.6%
4
5.3% Cereals and cereal preparations
Articles of apparel & clothing accessories 10.3%
5
5.1% Textile yarn and related products
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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