Morocco’s economy is set to grow by 5% in 2025, up from 3.3% in 2024, according to a new study by Fitch Solutions.
This is good news for the country, but the forecast has been revised down from the initial 5.6% due to weaker-than-expected agricultural output affected by unfavorable weather conditions.
Despite this setback, non-agricultural sectors are expected to drive growth. Strong investment flows, a supportive monetary policy, and significant foreign direct investment (FDI) in key industries will help keep the economy on a solid trajectory.
Morocco’s strategic location and ongoing infrastructure projects—especially preparations for the 2030 FIFA World Cup, which it is co-hosting with Spain and Portugal—will help drive further growth.
Foreign investment surged by 55.4% in 2024, and that momentum is likely to continue. Household spending should also remain strong, supported by a rise in public sector salaries and controlled inflation, expected to stay around 1.6%.
Remittances from Moroccans abroad are expected to increase, thanks to better economic conditions in Europe.
However, there are challenges. Agriculture still employs nearly 30% of the workforce, and its weak performance means unemployment will likely remain high, limiting income growth and consumer spending.
Exports are not expected to contribute much to economic growth in 2025. While tourism is booming—helped by events like the Africa Cup of Nations in December 2025—lower agricultural exports and higher imports will offset some of these gains.
External risks also remain. If the U.S. expands tariffs to include semiconductors, Morocco’s economy won’t take a major hit, as these exports only account for 0.5% of total exports and 0.2% of GDP. However, bigger threats could impact growth.
A weaker-than-expected agricultural season could push unemployment higher while geopolitical tensions in the Middle East might drive up oil prices, leading to higher costs.
A slowdown in Europe could also hurt Moroccan exports, especially in the automotive and textile industries
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