UN report sees Morocco’s economy outperforming global average through 2026

Morocco’s economy has shown strong resilience and is expected to continue growing above the global average, according to a new United Nations report on global economic prospects.

In its latest World Economic Situation and Prospects 2026 (WESP) report, the United Nations said Morocco is benefiting from a recovery in the services sector, stronger domestic consumption and improved macroeconomic stability, placing it among the better-performing developing economies.

The UN projects global economic growth at 2.8% in 2025, describing the outlook as one of “fragile resilience” amid persistent trade tensions and weak investment. While inflation is easing worldwide, the report warns that uncertainty and financial constraints continue to weigh on growth prospects.

Against this backdrop, Morocco stands out. The UN forecasts Morocco’s economy will grow by 4.7% in 2025, well above the global average, before slowing slightly to 4.2% in 2026 and 4.0% in 2027, marking a period of more sustainable medium-term growth.

According to the 212-page report, Morocco has also succeeded in containing inflation more effectively than many regional peers, particularly in North Africa. Inflation is expected to remain below 2%, helping preserve purchasing power and support investment.

Globally, inflation is projected to decline from 4.0% in 2024 to about 3.4% in 2025 and 3.1% in 2026. However, the UN cautioned that high price levels continue to strain real incomes, with inflation trends becoming increasingly uneven due to supply disruptions linked to geopolitical and climate risks.

The report stressed that policymakers face a more complex inflationary environment, requiring coordinated monetary, fiscal and industrial policies, alongside targeted social measures to protect vulnerable populations.

For Morocco, the UN identified several key drivers behind its economic performance. Tourism has re-emerged as a major growth engine, with the report noting that growth across North Africa, particularly in Morocco, Egypt and Tunisia, is being supported by a rebound in services exports, led by tourism.

Domestic consumption has also been bolstered by wage growth. Morocco was cited among developing countries that raised minimum wages in 2025, supporting real income growth and household purchasing power.

The report further pointed to improved balance-of-payments conditions and exchange-rate stability in North Africa, enabling a strong expansion in local demand, particularly in Morocco.

On trade, the UN noted that the impact of U.S. tariffs has remained limited for Morocco, as exports to the United States,  largely raw materials,  are mostly exempt, while exports to the European Union continue to grow steadily.

Overall, the UN concluded that Morocco is entering a phase of relative economic stability, with steady growth near 4% over the medium term, controlled inflation and a generally favorable investment environment, despite ongoing volatility in the global economy.