Morocco is among the “five largest economies in Africa,” according to the latest report released by the McKinsey Global Institute, which classified the Kingdom of Morocco on the list of African countries that have experienced a “slowdown in economic growth in recent years.”
The recently issued report titled “Reimagining Economic Growth in Africa: Turning Diversity into Opportunity” provides detailed analysis in over 60 pages. It notes that “the common characteristic that unified the five largest economies in Africa (Morocco, Algeria, Egypt, Nigeria, and South Africa) was the slowdown compared to the rest of the continent,” which witnessed rapid growth, especially in emerging countries.
One of the key findings of the report is that “significant disparities in economic performance across the continent reveal the absence of a single Africa.”
The document, based on in-depth studies conducted by McKinsey experts, highlights that these five major economies alone accounted for approximately 75% of Africa’s Gross Domestic Product in 2019, stating that “their growth acceleration was hindered by various factors, most notably the COVID-19 pandemic.”
McKinsey’s data categorizes Morocco among the 13 countries in the continent covered by the study under the name “recent slowdown.” However, the report concludes that “the countries in this group represent over half of the continent’s exports of primary materials and commodities, considering their growth levels between 2010 and 2019. Yet, they also face several factors, including exports and investment per capita, which tend to be below the continental average.”
This group includes Morocco, which is recognized as one of the countries that achieved higher economic growth than the continental average during the first decade of the third millennium, before experiencing a slowdown between 2010 and 2019.
The mentioned report cited Morocco’s efforts in expanding “electrification rates” as another factor contributing to the slowdown in the economic growth of several African countries, describing Morocco as a “success story.” However, it also highlights that 100 million inhabitants of African cities, representing 18% of the urban population, still lack access to electricity services.
