馃嚥馃嚘MoroccoNorth Africa
Bank Al-Maghrib Governor outlines roadmap to transform economic growth into social progress
via Le Matin4 min read
Bank Al-Maghrib's annual report, signed by Governor Abdellatif Jouahri, indicates that Morocco has entered a new phase of development. While the country has maintained macroeconomic stability amidst global crises, the focus is now on ensuring this stability benefits citizens more directly. The report highlights Morocco's economic recovery in 2025, with 4.9% growth driven by investment, 0.8% inflation, a budget deficit of 3.5% of GDP, and official foreign exchange reserves reaching 442.9 billion dirhams, covering five months and eleven days of imports. Despite these positive indicators, Jouahri notes a disconnect between economic performance and citizens' experiences, largely due to persistent labor market challenges. Unemployment remains high, especially among youth, with nearly three million people aged 15 to 29 not employed, studying, or in training. Therefore, employment is identified as a key economic and social priority. The report emphasizes the need to reduce social and territorial disparities, aligning with the Royal Directives from the 2025 Throne speech, which stated there is no place for a two-speed Morocco. Bank Al-Maghrib advocates for improving social policy effectiveness, better targeting support for vulnerable populations, and accelerating advanced regionalization. The report also addresses investment quality, urging that public investment should better stimulate private investment and job creation, through initiatives like the Investment Charter and the Moham
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This summary was AI-generated from a story originally published by Le Matin.
Bank Al-Maghrib's 2025 annual report emphasizes the need for more precise targeting of public aid in Morocco to balance social justice and public finance sustainability. The central bank notes significant disparities in living standards, with the wealthiest 20% of households spending over seven times more than the poorest 20%, and considerable gaps between urban and rural areas. The report highlights that universal subsidy mechanisms, such as the 18 billion dirhams spent on compensation in 2025, often benefit wealthier households due to their higher consumption levels. Similarly, the effectiveness of over 32 billion dirhams in tax expenditures, while sometimes having economic or social objectives, requires regular evaluation. Bank Al-Maghrib argues that improving aid targeting is not about reducing solidarity efforts but about optimizing public resources to primarily benefit those most in need. This approach is crucial as public spending is expected to rise due to expanded social protection, public service development, and upcoming reforms like pensions. The bank stresses the importance of preserving budgetary margins, as some exceptional revenues supporting public finances in recent years may not be sustainable. The report recommends general public expenditure reviews and systematic policy evaluations to optimize resource use, ensuring sustainable funding for social priorities without compromising budget stability. Ultimately, Bank Al-Maghrib supports Morocco's commitment to
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