Data

Morocco’s public debt to GDP ratio was low in the early 1970s but steadily climbed until the mid-1980s, peaking at 117.71% in 1985. The ratio remained above 100% from 1984 until 1990, with a decreasing trend since then. Initially, debt rose due to a series of development plans to modernize the economy and increase production, which involved huge capital investment. But interest rates later rose, due to the global oil price shock in the late 1970s, and thus from the mid-1980s Morocco had to undertake a program of privatization and economic policy changes endorsed by the World Bank and the IMF, which explains the gradual decrease in its public debt to GDP ratio. However, Morocco was not part of HPIC and did not receive any debt cancellation from China over the 2000-2018.

Morocco’s economic growth has been on average 4.1% per year from 2000 to 2019. However, more recently the country’s economic growth has slowed for two consecutive years, from 4% in 2017 to 2.3% in 2019. In addition, alongside a decrease in grants from the Gulf Cooperation Council and a plan for rising social spending, Morocco is expected to borrow more from other countries and the private sector.