Africa Rising

The stability premium

Morocco's rise is less about explosive growth than about not falling. When Libya collapsed (2011), when Egypt convulsed (2011–2013), when Nigeria entered recession (2016), when South Africa stagnated (2015–2020) — Morocco kept compounding at 3–5% annually. Over twenty years, consistent 4% growth beats volatile 7% growth that gets interrupted by crises. The bump chart shows this: Morocco rarely leapfrogs dramatically. It just never drops.

The infrastructure edge

Africa's first high-speed train (2018). Africa's largest port — Tangier Med, now the Mediterranean's busiest transshipment hub. 1,800km of motorway. The Noor-Ouarzazate solar complex — one of the world's largest concentrated solar power plants. None of this happened by accident. Morocco has invested consistently in hard infrastructure while many African peers invested in consumption or commodity extraction.

The tourism narrative

Morocco passing Egypt as Africa's most-visited country in 2024 is the headline — but the trajectory matters more. In 2005: 5.8 million arrivals. In 2024: 17.4 million. That's a tripling in twenty years, achieved through air route expansion (120 new routes in 2024 alone), Ryanair and easyJet access, luxury hotel investment (Four Seasons, Nobu), and the consistent marketing of Marrakech as a global brand.

What the chart doesn't show

Rank improvements mask absolute gaps. Morocco's $161B GDP is still less than half of Egypt's or South Africa's. Youth unemployment remains above 35%. The HDI improvement to "high development" still leaves Morocco below global averages. The dirham is still pegged. The rural-urban divide persists. The climb is real — but the summit is far.