Morocco's financial system has proven its resilience in 2025, despite the global economic uncertainties that have plagued many nations. This is according to the Systemic Risk Coordination and Monitoring Committee (CCSRS), which released a statement following its twenty-third meeting, highlighting the country's robust financial sector. The committee's findings are particularly intriguing, as they showcase how a strong economy and prudent financial safeguards have contributed to Morocco's economic stability.
One of the key factors behind Morocco's financial resilience is its economy's performance. In 2025, the country's economic growth accelerated to 4.9%, up from 4.4% in 2024. This growth was supported by favorable weather conditions and strong non-agricultural activity. The committee's projections indicate that this growth trend will continue, with an estimated 5.2% growth in 2026, before slowing to 3.1% in 2027, provided that the average cereal harvest is maintained.
Inflation, another critical indicator, remained low at 0.8% in 2025 and is expected to rise gradually to 1.5% in 2026 and 2.1% in 2027. This controlled inflation rate is a testament to the country's effective monetary policies. The current account deficit, which had widened temporarily, is also projected to narrow again in 2027, indicating a healthy balance of payments.
The banking sector has been a significant contributor to this positive economic outlook. Credit to the non-financial sector increased by 6.5% in 2025, and the insurance sector maintained strong momentum, with total premiums rising 7.5% to MAD 63.2 billion ($6.9 billion). The net profit in the insurance sector climbed 21.4% to MAD 5.3 billion ($580 million), resulting in a 11.1% return on equity, the highest in a decade.
However, the committee also identified areas of concern, particularly regarding public sector pension schemes. Despite improvements linked to salary increases introduced in the April 2024 social dialogue agreement, these schemes continue to face structural imbalances. The committee emphasizes the need for comprehensive pension reform to ensure the long-term sustainability of Morocco's retirement system.
In conclusion, Morocco's financial system has demonstrated remarkable resilience in 2025, supported by a strong economy and prudent financial management. While there are areas that require attention, such as pension reforms, the country's overall economic performance and financial stability are commendable. This resilience is a testament to the country's ability to navigate global economic uncertainties and maintain its economic growth trajectory.
