Morocco, new automobile giant, shakes Spain
Morocco, new automobile giant, shakes Spain
Morocco displays great economic ambitions. Its geographical position, close to Europe, its competitive workforce and its international alliances, particularly with the United States and Spain, speak in its favor. Rabat draws inspiration from the Spanish growth model to boost its economy, particularly by focusing on the automobile industry.
Despite undeniable advantages, the Moroccan economy has experienced ups and downs in recent years. Growth, both in overall GDP and per capita, remained modest compared to its potential. Signs of slowdown have even been observed recently. “Morocco’s poor economic performance this year is probably just a setback,” however tempers James Swanston, analyst at Capital Economics, quoted by The economist. Stéphane Alby, economist at BNP Paribas, points to a drought which has hit the agricultural sector hard. Excluding agriculture, growth remained at an annual rate of 3.3% in the first half of 2024.