The World Bank projects that Morocco's current account deficit will increase from 2.4% of GDP in 2025 to 3.3% in 2026, driven largely by rising energy import costs amid the Middle East conflict. This forecast, based on the latest World Bank data available as of July 2026, highlights the economic pressure on Morocco's external accounts.
Morocco relies heavily on energy imports, and the conflict has pushed up global oil and gas prices. The country's current account deficit had been narrowing in recent years, but the energy shock is reversing that trend. Remittances from Moroccans living abroad (MRE) have helped cushion the impact, but the overall deficit is still expected to widen.
The World Bank's report, released in June 2026, notes that Morocco's economy remains vulnerable to external shocks. The government has implemented measures to mitigate the impact, including subsidies and price controls, but these have fiscal costs. The deficit is expected to remain elevated through 2026 unless energy prices decline.
Analysts say that without the steady flow of remittances from the Moroccan diaspora, which totaled over $12 billion in 2025, the current account deficit would be significantly larger. The MRE contributions are a key buffer for Morocco's balance of payments.
