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Morocco’s Treasury Projects Near‑6% Economic Growth in 2026 Amid Strong Industrial Surge

At a ceremony in Casablanca to launch the first cohort of the "Croissance" programme, interim Treasury Director Mohammed Tarik Bchir signalled a far more optimistic macro outlook than the 4.6 % growth target embedded in the 2026 Finance Law. He highlighted that abundant dam fillings—now above 70 %—could lift real GDP growth beyond 5 % and possibly brush against the 6 % mark. Bchir also underscored the steady expansion of Morocco’s industrial sector, which accounted for roughly 76 % of exports in 2025 (about 350 bn MAD) and remains anchored by a thriving automotive industry that still leads African exports. Public finances are on a disciplined path, with a 3.5 % fiscal deficit and a debt‑to‑GDP ratio easing from 67.2 % toward a 62.4 % target, while inflation stays under 5 %. The Treasury stressed that a stable, credible macro environment is essential for deepening the capital‑markets platform and attracting a broader pool of issuers and investors.

February 18th, 2026
2 min read
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Expert Summary

At a ceremony in Casablanca to launch the first cohort of the "Croissance" programme, interim Treasury Director Mohammed Tarik Bchir signalled a far more optimistic macro outlook than the 4.6 % growth target embedded in the 2026 Finance Law. He highlighted that abundant dam fillings—now above 70 %—could lift real GDP growth beyond 5 % and possibly brush against the 6 % mark.

Bchir also underscored the steady expansion of Morocco’s industrial sector, which accounted for roughly 76 % of exports in 2025 (about 350 bn MAD) and remains anchored by a thriving automotive industry that still leads African exports. Public finances are on a disciplined path, with a 3.5 % fiscal deficit and a debt‑to‑GDP ratio easing from 67.2 % toward a 62.4 % target, while inflation stays under 5 %.

The Treasury stressed that a stable, credible macro environment is essential for deepening the capital‑markets platform and attracting a broader pool of issuers and investors.

At a ceremony in Casablanca to launch the first cohort of the "Croissance" programme, interim Treasury Director Mohammed Tarik Bchir signalled a far more optimistic macro outlook than the 4.6 % growth target embedded in the 2026 Finance Law. He highlighted that abundant dam fillings—now above 70 %—could lift real GDP growth beyond 5 % and possibly brush against the 6 % mark. Bchir also underscored the steady expansion of Morocco’s industrial sector, which accounted for roughly 76 % of exports in 2025 (about 350 bn MAD) and remains anchored by a thriving automotive industry that still leads African exports. Public finances are on a disciplined path, with a 3.5 % fiscal deficit and a debt‑to‑GDP ratio easing from 67.2 % toward a 62.4 % target, while inflation stays under 5 %. The Treasury stressed that a stable, credible macro environment is essential for deepening the capital‑markets platform and attracting a broader pool of issuers and investors.

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