Morocco's strategic reforms foster growth and attract foreign investment

Despite global economic turbulence, Morocco has managed to sustain its growth trajectory and fortify its presence in key industries, Prime Minister Aziz Akhannouch stated on Monday. 

Addressing the House of Representatives, Akhannouch attributed this resilience to government policies crafted in alignment with royal directives, positioning Morocco as a stable partner and an attractive investment destination on regional and international stages.

During the parliamentary session focused on foreign trade, Akhannouch highlighted Morocco’s efforts to strengthen ties with established allies while opening doors to new markets. This dual approach has elevated Morocco as a trade hub and a strategic launchpad for mutually beneficial partnerships, advancing its role in the global economy.

Mr Akhannouch outlined a series of government initiatives designed to attract foreign investment and boost Morocco's industrial and export capabilities. Key reforms focused on economic liberalization and creating a business-friendly environment, solidifying Morocco’s reputation as a regional leader and a favorable location for international businesses.

"Economic openness remains a central pillar of Morocco’s growth strategy," Akhannouch emphasized. Mechanisms established to support this openness include policy frameworks that incentivize foreign investment, foster industrial growth, and enable Morocco to compete on a global scale.

Despite the difficult economic environment worldwide, Morocco has demonstrated remarkable resilience, achieving a growth rate of 3.4% in 2023 and an average growth rate of 4.4% over the last three years. Akhannouch also cited a favorable decline in inflation, with rates dropping from 6.1% at the end of 2023 to 1.1% during the first nine months of 2024. This inflation rate, he noted, is lower than that of many other nations in the region, contributing to Morocco's economic stability.

Acknowledging global pressures—particularly those arising from geopolitical tensions and disruptions in supply chains—the Prime Minister discussed Morocco’s ongoing efforts to enhance its national sovereignty in strategic sectors. This focus on self-reliance, he explained, is intended to insulate Morocco from global economic fluctuations and reinforce its economic foundations.

Concerns Over Unemployment

While presenting a positive outlook on Morocco's economic achievements, Akhannouch also addressed challenges in the labor market. Recent data from the High Commission for Planning (HCP) indicate a slight increase in unemployment, with an additional 58,000 people currently jobless, pushing the national unemployment rate to 13.6%.

Akhannouch’s statements reflect a balanced view of Morocco’s economic landscape—celebrating progress while recognizing the challenges ahead. 

The government’s continued emphasis on trade liberalization, investment incentives, and domestic stability will be essential to sustaining Morocco’s role as a regional economic leader in the years to come.