Morocco Outpaces Algeria in Economic Growth, Report Finds

In an analysis on the new ranking of the "500 African economic champions", the magazine notes that Morocco is working to strengthen the private sector and attract foreign investment in order to boost its economy. Meanwhile, Algeria remains faithful to its economic model that places the state as a major player in the development of key sectors, notes Jeune Afrique, stressing that Algeria is struggling to move towards an open and competitive market economy, while Morocco is looking for ways and means to strengthen its competitiveness on international markets.

To accelerate its economic growth, Morocco is working to develop all key sectors. Phosphates, mining, automotive industry, telecommunications, agri-food industry, etc., no sector is left behind. This diversity is the strength of Morocco and reinforces its ability to face global economic challenges, as well as its resilience to crises, explains the magazine.

A total of 54 large Moroccan companies are featured in this new ranking of the "500 African economic champions", compared to only 13 for Algeria, the publication also notes, highlighting Morocco’s favorable economic environment that continues to attract foreign investment. However, the kingdom remains faced with structural difficulties, particularly related to the restriction of its domestic market and its moderate growth, says economist Othman Fahim, cited by the magazine, noting that Morocco will be able to overcome these obstacles thanks to sustained investment in industry and its opening up to African markets.

For its part, Algeria must meet significant economic challenges. Sonatrach, the national hydrocarbons company, dominates the sector and brings in a lot of money for the state, but the country is struggling to achieve self-sufficiency in oil and gas. According to Jeune Afrique, Algeria needs to diversify its economy and move from an economic model centered on underperforming public enterprises to a competitive market economy with a strong private sector.