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Morocco’s economy has been on a steady rise over the past decade. According to the World Bank, the nation’s GDP reached $124 billion in 2021. Data further suggests this upward trajectory is set to continue, with forecasts predicting GDP to reach approximately $132.3 billion by 2023. This expanding economy opens the door to countless exciting business opportunities. Let’s explore the top 5 business ideas poised for success in this vibrant market.
here’s a sample representation from from reliable sources such as the World Bank. As per the available data till my last training cut-off in September 2021,
To forecast Morocco’s GDP for 2022 and 2023, we can use the growth rate of previous years. However, please note that economic forecasting is a complex process and involves various factors like inflation, employment rate, global market trends, etc. Here, we will use a simple method for illustrative purposes.
Let’s calculate an approximate average growth rate based on the GDP figures from 2017 to 2021.
These numbers show an overall upward trend. To calculate an average annual growth rate, we take the ((GDP in 2021 / GDP in 2017) Multiply (1 / 4)) – 1. This should give us an average growth rate of about 3.22% per year over this period.
$124 billion * 1.0322 (the estimated growth rate) ≈ $128.1 billion.
$128.1 billion *1.0322 ≈ $132.3 billion.
Tourism in Morocco has long been a significant contributor to the nation’s GDP, accounting for about 8.1% of the total in 2019. However, one particular sector is on the rise: eco-tourism. With Morocco’s diverse landscape and rich cultural heritage, promoting sustainable travel could prove to be a lucrative venture. Potential business ideas include establishing eco-friendly accommodations, developing nature tours, or crafting cultural immersion programs that respect and support local communities. Further information about eco-tourism in Morocco can be found on the Moroccan National Tourism Office website.
Morocco’s ‘liquid gold’, Argan oil, is revered globally for its cosmetic and nutritional properties. In 2020, the global Argan oil market stood at $499.90 million, and it’s expected to soar to $826.63 million by 2027 according to Allied Market Research. Entrepreneurs could capitalize on this trend by engaging in Argan oil production, creating Argan oil-based products, or focusing on the exportation of this precious commodity.
Morocco is making strides in renewable energy, home to the world’s largest concentrated solar farm. The country’s goal is to generate 52% of its energy from renewables by 2030, paving the way for substantial investment opportunities in this sector. Business ideas could include manufacturing renewable energy components, providing maintenance services, or developing innovative energy storage solutions. The Moroccan Agency for Sustainable Energy provides extensive resources on this growing sector.
The COVID-19 pandemic underscored the importance of online education, revealing a burgeoning demand for accessible, high-quality digital education in Morocco. This presents a golden opportunity for ed-tech startups. From offering tutoring services and language lessons to professional development courses, the possibilities are endless in this rapidly growing sector. Websites such as Coursera and EdX offer examples of successful online education platforms.
Agriculture is a staple of Morocco’s economy, employing around 40% of the nation’s workforce according to the World Bank. But there’s room for modernization and expansion. Entrepreneurs could look into sustainable farming practices, organic produce, or even exporting Moroccan specialties like dates, olives, or saffron to international markets. FAO’s country profile provides valuable information on agriculture in Morocco.
As Morocco’s economy continues to expand, so does the potential for new and innovative businesses. Whether it’s in eco-tourism, argan oil production, renewable.
The top sectors for business in Morocco include eco-tourism, argan oil production, renewable energy, online education, and agribusiness. These sectors have seen significant growth in recent years and are projected to continue expanding.
As of 2021, Morocco’s GDP was $124 billion, with forecasts predicting an increase to around $132.3 billion by 2023. The nation’s economy is on a steady rise, making it a promising location for new business ventures
Yes, Morocco offers a growing economy, a strategic geographical location, a young population, and several sectors with high growth potential. It’s particularly suitable for businesses focused on eco-tourism, renewable energy, agribusiness, online education, and argan oil production
Morocco has several initiatives to support startups, including funding programs, business development services, and innovation hubs. The Moroccan government has also passed a startup act, providing legal and financial benefits for new businesses.
Morocco is a leader in the renewable energy sector, home to the world’s largest concentrated solar farm. The country aims to generate 52% of its energy from renewables by 2030, presenting abundant opportunities for businesses in this sector.
The demand for accessible, high-quality online education is rapidly growing in Morocco, particularly in the wake of the COVID-19 pandemic. This presents substantial opportunities for ed-tech startups offering various services, from tutoring and language lessons to professional development courses.
Argan oil, often referred to as ‘liquid gold’, is native to Morocco and highly valued for its nutritional and cosmetic properties. The global market for Argan oil was valued at $499.90 million in 2020, with expectations to reach $826.63 million by 2027, providing ample business opportunities in this sector.
