Morocco’s economy is expected to grow much faster than Spain’s over the next two years, according to the latest forecasts from the International Monetary Fund (IMF).
The IMF says Morocco’s real GDP growth could reach 4.4% in 2026 and 4.5% in 2027. Spain, meanwhile, is expected to grow by 2.1% in 2026. That means Morocco’s economy is projected to expand at about double Spain’s pace.
The difference is being driven by several sectors across Morocco’s economy. Phosphates, car manufacturing, construction, retail, tourism, and finance are all helping fuel growth. Another major factor is Morocco’s huge infrastructure push linked to preparations for the 2030 FIFA World Cup.
Between 2024 and 2030, Morocco is expected to invest around $20 billion in projects tied to the tournament. The spending program is estimated at roughly 12% of the country’s GDP and includes new railways, roads, airports, stadiums, and urban transport systems.
Tourism is also seeing strong momentum. Morocco brought in MAD 31 billion in tourism revenue during the first quarter of 2026. That marks a 24% increase compared to the same period last year.
Still, the numbers come with important context as Spain was growing faster than Morocco not long ago. Spain’s economy expanded by 3.5% in 2024 and 2.9% in 2025 before slowing down this year. The current gap is partly linked to Spain cooling off after a strong post-pandemic recovery.
Even with slower growth, Spain remains one of the strongest-performing economies in the eurozone. The IMF expects the wider eurozone economy to grow by only 1.1% in 2026.
There is also a major gap in living standards between the two countries. Spain’s GDP per capita is estimated at about $41,563 in 2026. Morocco’s GDP per capita stood at around $3,672 in 2023, showing how far the country still has to go before matching European income levels.
Morocco also faces challenges in the job market. Youth unemployment among people aged 15 to 24 stands at 29.2%, while most workers are employed in the informal sector. The IMF has described job creation as a major priority despite praising the country’s economic resilience.
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