Macro Forum: The Street View


Morocco’s economy is set to gather pace during 2020, with growth expected to exceed 3%. The IMF reported that the Moroccan government demonstrated a commitment to important structural financial reforms that helped its economy to cope with external shocks and achieve higher and more inclusive growth. Following price reforms and changes in energy subsidies, Standard & Poor’s (S&P’s) has maintained Morocco’s credit rating at the current level of BBB- / A-3, revising its outlook from negative to stable. In its report, the rating agency projected Morocco’s real GDP growth to be about 2.8 percent this year, constrained by the decline in external demand and agricultural output, rebounding to about four percent by 2021. The state news agency reported in January that the Moroccan government will spend c.US$12 billion between 2020 and 2027 securing the country’s strained water supply, which could help smooth the volatility of agricultural output in the longer term.

Q2 2019 Q3 2019 Q1 2020 Q2 2020
GDP* 2.2% 2.1% 2.1%
Inflation* 0.2% 0.3% 1.2% 1.5%

* Year on Year



Real GDP Growth

Source: International Monetary Fund

Morocco FX vs FV

Source: Bloomberg Spot Prices and Actis methodology for Fundamental Value


Source: International Monetary Fund