As Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, proudly unveils the 2026 Finance Bill — boasting an ambitious MAD 380 billion in public investment — a more complex reality unfolds beneath the surface. While the government speaks of “consolidating economic progress,” a silent crisis is spreading through the foundation of the national economy: the country’s small and very small enterprises are collapsing at an alarming rate.
According to a recent report by the Moroccan Authority for Small Enterprises, 48% of surveyed companies are less than three years old, while only 30% have survived beyond five years. More than half of Moroccan startups fail before reaching their fifth anniversary. Business bankruptcies have soared from 10,500 in 2021 to 33,000 in 2024, with projections exceeding 40,000 by the end of this year.
Such figures raise a troubling question: How can a nation inject hundreds of billions into public investment while its small enterprises die in silence?
Nearly 74% of small firms describe the current tax system as discouraging and disproportionate, citing complex procedures and excessive fiscal pressure. Meanwhile, 76% complain about social charges that are ill-suited to their fragile financial reality, particularly concerning employee declarations and income tax.
This disconnect between ambitious state-led infrastructure projects — highways, ports, high-speed rail, green energy — and the suffocating reality of small business owners calls for deeper reflection. Will these large-scale investments truly empower Morocco’s domestic economy, or will they primarily benefit major corporations and foreign investors?
Morocco’s challenge, as 2026 approaches, is not merely to spend more, but to spend meaningfully — to transform public investment into a tool for resilience and inclusion. Can a model that privileges mega-projects coexist with the fragility of small businesses, which remain the country’s primary source of employment and innovation?
Ultimately, the question remains open: Will Morocco’s grand financial vision for 2026 translate into shared prosperity, or will it remain another chapter of impressive figures masking a deep structural imbalance?
