Morocco's economy is demonstrating a remarkable level of resilience in the face of global uncertainty, marked by persistent geopolitical tensions, high energy prices, and tighter financial conditions. According to a report by Attijari Global Research, the country's economy is expected to perform relatively well compared to other African economies. The report, published on September 29, 2026, in "AfricaDev Insights," notes that Morocco's growth, inflation, public finances, and investment indicators are more favorable than those of several African economies.
The global economy is showing signs of resistance, with the OECD forecasting a growth rate of 2.9% in 2026, up from 2.8% in June. However, this resistance is uneven, with economies benefiting from investments in artificial intelligence performing better, while those exposed to geopolitical tensions and energy price shocks are under more pressure. African countries are particularly vulnerable to the impact of rising energy prices, inflation, and interest rates, which could lead to higher financing costs, weaker currencies, and increased energy bills.
Morocco is expected to maintain a relatively high growth rate, with a projected GDP growth of 4.9% in 2026, according to the International Monetary Fund's April 2026 forecasts. This makes it one of the top performers among eight African economies studied. Only Côte d'Ivoire, with a growth rate of 6.2%, is expected to outperform Morocco. Other African economies, such as Egypt, Cameroon, Congo, Gabon, Senegal, and Tunisia, are expected to grow at a slower pace.
More recent projections from Bank Al-Maghrib, Morocco's central bank, have revised the country's growth rate to 4.4% in 2026, down from 5.2% previously. Despite this revision, the growth rate remains relatively high, driven by a strong agricultural sector. The value added by the agricultural sector is expected to increase by 16%, supported by a cereal harvest of 93 million quintaux, while non-agricultural growth is expected to slow to 3.1%.
Morocco's inflation rate is also favorable compared to other African economies. In August, the inflation rate was -0.3%, following -0.6% in July. Bank Al-Maghrib expects an average inflation rate of 0.7% in 2026, which is significantly lower than in other countries. For example, Egypt's inflation rate is expected to be 13.2%, Tunisia's 6.5%, Cameroon's 3.5%, and Congo's 2.8%.
The report by Attijari Global Research notes that Morocco's resilience is not without risks, particularly given the country's exposure to rising oil prices and the expected slowdown in the global economy. However, the country's economic fundamentals are strong, and its investment climate is favorable. The recent decision by Bank Al-Maghrib to maintain its key interest rate at 2.25% reflects the central bank's confidence in the economy.
Overall, Morocco's economy is well-positioned to navigate the challenges of a rapidly changing global environment. With a strong growth rate, low inflation, and favorable investment climate, the country is likely to remain one of the top performers in Africa. However, the risks associated with rising oil prices and global economic uncertainty mean that the country's economic prospects will need to be closely monitored in the coming months.
Key points
- Morocco's economy is expected to grow at a rate of 4.9% in 2026, making it one of the top performers in Africa.
- The country's inflation rate is expected to be 0.7% in 2026, significantly lower than in other African economies.
- Morocco's economic resilience is supported by its strong growth rate, low inflation, and favorable investment climate.
