Morocco's Post-2022 Economic Growth: Drivers and Structural Constraints (legrandcontinent.eu)

• Non-agricultural growth averaged 4.4% since 2022, exceeding pre-pandemic trend by 1.3 percentage points.
• Investment rate near 30% of GDP, driven by public spending and Chinese FDI in battery manufacturing.
• Structural challenges: low productivity, credit crowding-out, incomplete transformation from agriculture to industry.

"Morocco has outperformed peers since 2022, with non-agricultural growth averaging 4.4% (4.8% from 2024), driven by public investment and Chinese FDI in battery manufacturing. Investment rate nears 30% of GDP. External imbalances widen due to import-intensive investment. Structural issues: low private sector productivity, credit crowding-out, incomplete transformation. Fiscal multiplier estimated at 0.3 for total spending, 0.7 for public investment."