HIBAPRESS – Economy
A recent economic report revealed that Morocco has entered a pivotal stage in its economic development, after successfully overcoming an important milestone within its growth model, making it a candidate to achieve growth rates exceeding Spain's in the coming years.
According to a report published by the Spanish newspaper El Economista, which specializes in economics, the Kingdom continues to transition towards an economic model more reliant on manufacturing and exports, with expectations of continued growth of the Moroccan economy by more than 4 percent, compared to only about 2 percent for the Spanish economy until 2031. The automotive industry is driving economic transformation. The report indicated that exports from the automotive sector have begun to generate revenues exceeding phosphate exports, in a shift that reflects Morocco's transition towards industrial activities with higher added value. This path benefits from several factors, most notably the development of infrastructure, the revival of tourism, and the improvement of exports and agricultural production, in addition to the boom experienced by the automotive industry. Morocco has also succeeded in attracting huge investments from global companies such as Renault and Stellantis, as well as companies specializing in electric car components, which contributed to building an integrated industrial system. Morocco strengthens its industrial position in Africa. Morocco has become one of the most prominent automotive manufacturing centers in the African continent, with a production capacity approaching 960,000 vehicles annually, with a network that includes more than 270 suppliers distributed across several regions. The data revealed that exports of cars and their components reached about $14.1 billion during 2023, with more than 75 percent of production directed towards foreign markets, especially Europe. Data from the International Organization of Motor Vehicle Manufacturers also showed that Morocco produced more than 559,000 cars during 2024, ahead of several European countries in this field. Ambitious goals and structural reforms. Morocco is betting on doubling its production capacity to reach about two million cars annually by 2030, with raising the rate of local integration to 80 percent, and increasing reliance on renewable energies in the industrial sector. In parallel with this transformation, the Kingdom continues to implement extensive reforms within the new development model, including education, health, and governance, with the aim of improving the quality of human capital and reducing social disparities. The report, based on data from the International Monetary Fund, indicated a decrease in the multidimensional poverty rate to 6.8 percent in 2024, compared to 11.9 percent in 2014, in an indicator of the improvement of a number of social and economic indicators.
