Morocco's New Development Model (NMD), adopted in 2021, outlines strategic orientations to increase the overall volume of investment and evolve its structure. However, a key challenge is that private investment remains heavily reliant on state-led projects, according to recent analyses.
As of 2024, public investment in Morocco has reached record levels, with the state playing a dominant role in infrastructure and energy projects. Private investment, while growing, still lags behind the targets set by the NMD, which aims to raise the investment rate to one-third of GDP by 2035.
Experts note that the country's investment climate is improving, but bureaucratic hurdles and access to financing continue to hinder private sector participation. The government has introduced reforms to encourage public-private partnerships, yet progress remains slow.
According to the Moroccan High Commission for Planning, the investment rate stood at around 30% of GDP in 2023, but the private sector's share has not increased significantly. This dependency on state projects poses risks for sustainable economic growth.
