Morocco has had success in its recent efforts to build up export-oriented manufacturing projects, which should take over from more traditional industries in driving growth, as well as provide higher-quality employment over the longer term. If the kingdom can continue to attract major investment in high-growth-potential industries such as automobiles, aeronautics, agri-business and offshoring, while also developing well-integrated business ecosystems in these areas, it could achieve the sort of growth rates seen in other emerging markets.
- Economy: Expanding Trade Profile – The kingdom’s trade deficit has eased in recent years, driven by increases in exports and lower energy prices. One of the major export groups is automotive products, which were up 20.7% in 2015 and are now the kingdom’s biggest export.
- Banking: Stable Foundations – Ongoing regulatory reforms will help maintain banks’ profits, bring major new players to the kingdom, diversify the product offering and help boost financial inclusion levels, which are already high by regional standards.
- Insurance: Premium Growth – Already the largest and most developed in North Africa, the Moroccan insurance market is undergoing a range of reforms aimed at cementing its stability and further boosting premium growth.
- Industry: Upskilling – Under the framework of several strategic government plans, key manufacturing segments, including automotive and aeronautic components and agro-industry, have seen injections of capital and the rollout of specialised infrastructure, training facilities and fiscal incentives.
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