Morocco continues to lay the foundations for strong financial modernization and improvement, according to many indicators.

Considering the fact that his accession to the throne in 1999, King Mohammed VI of Morocco has been clear that the nation wants to take a step forward in terms of its improvement in many locations, and the financial and industrial spheres did not bypass this state preparing.

The present financial readiness of Morocco is shown by information from many institutions that show the fantastic state of Moroccan finances. 2023 also bodes nicely for national economic outcomes. In this regard, the European Bank for Reconstruction and Improvement (EBRD) presented a report predicting a development price of three.1% for the Moroccan economy this year, greater than that of neighboring nations such as Algeria, which has a development forecast of two.1% , or Tunisia, with two%.

PHOTO/FILE – King of Morocco Mohammed VI

The EBRD also joined the Globe Bank (WB) forecasts, whereas each entities estimate that gross domestic solution (GDP), a macroeconomic measure that expresses the monetary worth of the production of goods and solutions of final demand, will have a development price of three.1% throughout 2023, which is far greater than the figure for 2022 which was two.1%.

Going deeper into these forecastsThe Globe Bank also predicts that by 2024 the Moroccan nation will develop by three.four % if it continues to implement structural reforms planned to enhance competitiveness.

The International Monetary Fund (IMF) also predicts that Morocco’s economy will develop by three, a incredibly good figure that would even be slightly greater in 2024, according to the calculations of the international economic institution. The EBRD itself also predicts a development price of three.two% for the Moroccan economy in 2024.

PHOTO/PIKSABAI – Bandera de Marruecos
PHOTO/PIXABAI – Flag of Morocco

Comparable information supplied by these prestigious financial entities coincides with fantastic financial prospects for this North African nation, with development of about three% which, despite the fact that not excessive, causes intense optimism for the reason that it ought to be remembered that the present worldwide situations are not incredibly fantastic, with the Russian invasion of Ukraine, which led to an improve in rates on the power and other raw supplies industry. supplies, and inflation itself, which is felt in a lot of components of the planet.

GDP development is incredibly essential for the economy, given that it is a reflection of elevated financial activity. If financial activity increases, unemployment tends to fall and, logically, per capita revenue rises. This can also lead to financial agents becoming far more inclined to devote rather than save. Additionally, right after an improve in GDP, the government’s tax revenues have a tendency to improve, given that the government collects far more taxes and can thus allocate these amounts to things of consumption. Morocco’s present GDP was $142.867 billion in 2021, ranking 59th in the planet by GDP volume, and the trend is upward.


Financial and industrial improvement

The Moroccan government, beneath the leadership of King Mohammed VI, is clearly committed to national financial and industrial improvement. Regardless of the financial slowdown, the Moroccan government is committed to implementing policies aimed at escalating public and private investment in many sectors such as infrastructure, rural locations and education. All of this was fueled by an essential commitment to national industrial improvement, which was highlighted by the celebration of Morocco Business Day in Casablanca, an essential occasion that highlighted the essential industrial and financial evolution that the Moroccan kingdom is undergoing. At an occasion held in Casablanca in April, it was highlighted that Moroccan business continues to develop in many sectors such as the automotive, textile and agro-industrial sectors. An instance of this is the accomplishment story of the aviation business, which now has 140 corporations operating in the sector in Morocco, with excellent improvement, contemplating that 20 years ago there had been only four or five. These 140 corporations in the sector straight and indirectly employs 20,000 men and women, as Karim Cheikh, president of the Moroccan Group for the Aeronautical and Space Business, explained to Atalajar. Cheikh also emphasized that Morocco is the top nation in Africa in terms of technological improvement in the aviation sector. .


Morocco is firmly committed to innovation and investment in its business, following the industrial revitalization program drawn up by the Moroccan state, which combines the cooperation of the private and public sectors, which is bearing fruit and has a favorable effect on the economy.

At the moment, there are quite a few strategic sectors in Morocco that show a national upward trend, such as the aerospace, automotive, agro-industrial, metallurgical and power sectors, with the current discoveries of gas and oil fields in Morocco operated by corporations such as Sound Energi and Chariot, which could supply a key increase to the country’s power provide and wealth creation in the nation.

Like Mohamed Reda Lahmini, head of the Innovation Commission of the Common Confederation of Moroccan Enterprises (CGEM), told Atalajar that King Mohammed VI has set an investment target of 550 billion dirhams in between now and 2026. throughout the opening of the parliamentary sessions final October, in order to develop about 500,000 jobs.

PHOTO/FILE – Mohamed Reda Lahmini
PHOTO/FILE – Mohammed Reda Lahmini

The search for investment remains a key challenge for the Moroccan authorities. The government led by Prime Minister Aziz Akhannouch is operating in this path with fiscal measures to market investments in the national economy and business, regardless of the present hard international context, marked by the war in Ukraine and difficulties such as inflation. For Mohammad Red Lahmini himself, “the legal and fiscal framework is a single of the crucial variables of accomplishment that follows the investor currently, the fiscal aspect is incredibly essential”. The present tax framework law of the Moroccan government aims to make the Moroccan tax program appealing, and CGEM itself actively contributes to the improvement of the tax framework law with the government via many finance laws

AFP/FADEL SENNA - Highway car production worker at the Renault-Nissan Tanger plant in Melloussa, al este de la ciudad portuaria de Tanger
AFP/FADEL SENA – Factory workers operate on a automobile assembly line at the Renault-Nissan Tangier plant in Mellouss, east of the port city of Tangier

Investor self-assurance in Morocco was also boosted by the country’s removal from the Economic Action Job Force (FATF) gray list. The FATF unanimously decided to take away the North African nation from the list and this is a sturdy endorsement that shows Morocco’s fantastic functionality in terms of economic management and its essential fight against income laundering. The FATF selection therefore strengthens the image and position of the Kingdom in negotiations with international economic institutions, as nicely as the self-assurance of foreign investors in the national economy.

The government planned measures to enhance the investment climate and attract foreign investments, such as tax cuts for new investors, elevated financing for renewable power improvement, liberalization measures in the agricultural sector, reduction of power subsidies, reduction of regulations for companies and financial diversification.

PHOTO/ATALAIAR/GUILLERMO LOPEZ – Jornada de la Industria de Marruecos

Opening new workplaces

The Minister of Business of Morocco, Riad Mezzour, pointed out that so far in the mandate of the present government, one hundred,000 jobs have currently been produced and that the nation is on its way to attain 400,000 jobs in the industrial sector, which is a objective that will be accomplished thanks to qualified instruction, analysis and innovations. Chakib Alj, president of the Moroccan employers’ association CGEM, explained that all the components that make up the private sector are mobilized to assure that the business becomes the financial future of the nation. To this finish, he highlighted two key elements: investment in analysis and improvement (Morocco invests .eight% of GDP compared to other nations in the created planet that invest two.eight%) and artificial intelligence.

Enhanced investor self-assurance is contributing to Morocco’s financial improvement, as nicely as fantastic information on agricultural markets and easing inflation. It is essential to note right here that Morocco’s agricultural exports to the European Union reached 1.25 billion euros in 2021. The agriculture and fisheries sector accounted for 12% of Morocco’s GDP in 2021. This sector benefited from the 2008 “Green Morocco Strategy”, which encouraged the improvement of farms and the integration of smaller farmers into national and international provide chains. In ten years, investments in the agricultural sector reached 104 billion dirhams (pretty much ten billion euros). This program continues with the Green Generation Strategy for the period 2020-2030, which plans to improve agricultural production, enhance the revenue of Moroccan farmers, and even lessen water consumption in the agricultural business.


for his element, The Investment Commission of Morocco has authorized 21 projects with a price range of 7.six billion dollars, with the intention that the planned projects will produce about five,800 direct employment possibilities and develop about 15,000 more indirect jobs. The projects are largely concentrated in the industrial sector, worth five.three billion dollars, which is pretty much 70% of the total investments. Tourism and healthcare account for eight% of these investments, behind seawater desalination projects, which account for 14% of this price range.

PHOTO/FILE – Aziz Akhanuh
PHOTO/FILE – Aziz Akhannouch

Small business creation

A different figure that shows the financial strength of Morocco is the quantity of corporations produced in the Kingdom. For the duration of the initially 3 months of 2023, the quantity of new corporations in the North African nation exceeded 24,500, according to information from the Moroccan Workplace of Industrial and Industrial Home (OMPIC).

In detail and once more according to OMPIC, this figure is divided into legal entities (16,357 corporations) and all-natural persons (eight,187 corporations). Additionally, the sectoral classification of produced corporations is dominated by the trade sector (37.03%), followed by building and public functions and true estate business enterprise (18.49%), many solutions (17.47%), transport (eight.18%), business (six.95%), hotels and restaurants (six.26%), information and facts and communication technologies (ICT) sector (two.89%), agriculture and fishing (1.70%) and economic activities (1.02%) .

These new corporations will certainly contribute to the creation of far more wealth and jobs and to improve the production of goods and solutions in the North African nation.

By Editor

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