King Mohammed VI of Morocco received Governor Abdellatif Jouahri of Bank Al-Maghrib at the Royal Palace in Tetouan to review the central bank’s annual report on the national economy.

During the meeting, Governor Jouahri presented the 2025 annual economic, monetary, and financial report, highlighting Morocco’s robust economic performance despite global challenges.

Robust GDP growth and controlled inflation

Morocco’s economy expanded by 4.9% in 2025, driven primarily by strong investment initiatives, even as global economic shocks created uncertainty. Inflation remained well-controlled at an average of 0.8% for the year.

Monetary policy and credit accessibility

Bank Al-Maghrib maintained an accommodative monetary policy, reducing its key interest rate to 2.25%. The central bank continued ensuring sufficient liquidity for commercial banks while introducing measures to enhance credit access for small and micro-enterprises.

Employment and fiscal health

The economic rebound boosted job creation, though the unemployment rate remained high at 13%. Meanwhile, the fiscal deficit narrowed to 3.5% of GDP, supported by strong tax revenues and innovative financing mechanisms.

The challenge of equitable growth

Governor Jouahri emphasized that while macroeconomic indicators signal progress toward emerging market status, sustainable development requires equitable distribution of growth benefits. He noted a growing global phenomenon in Morocco: a disconnect between measured economic growth and public perception.

The governor attributed this gap to two key factors:

• Slow labor market integration: Employment growth has not met expectations, necessitating improvements in education and vocational training, better investment returns, structural reforms, and increased private sector participation.
• Social inequalities: Referencing the 2025 Throne Speech, he stressed that ‘there is no place for a Morocco of two speeds,’ calling for more targeted social assistance to reach the most vulnerable populations.

Strategic reserves and climate resilience

Governor Jouahri highlighted several long-term priorities:

• Strategic food and essential reserves: Global supply chain disruptions necessitate implementing royal directives to build strategic reserves, shifting from reactive to preventive policies.
• Energy transition: Accelerating renewable energy adoption will reduce external dependencies and prepare exporters for stricter climate standards from key trade partners.
• Water governance: Climate change’s severe impact on water resources demands prioritizing water management and valuation in public policy.
• Advanced regionalization: Building on 2024 royal directives, continued efforts to regionalize will mobilize local talent to create economic hubs and reduce territorial disparities.

In concluding remarks, Governor Jouahri stressed that consolidating Morocco’s economic gains requires sustained coordination between public and private actors under the Monarchy’s leadership.

Following the presentation, Governor Jouahri formally submitted the 2025 annual report to King Mohammed VI, along with a commemorative gold coin issued by Bank Al-Maghrib to mark the first anniversary of the ‘Aid Al Wahda’ initiative.