Entrepreneurship: Morocco Nearly Doubles Its Activity Rate in 2024

Morocco has experienced a strong increase in entrepreneurial activity in 2024, with an early-stage entrepreneurial activity (TEA) rate rising to 12.5%, compared to 6.3% in 2023. This development reflects a significant resurgence in the creation and growth of new businesses in the Kingdom, following several years of slowdown.

Data from the Global Entrepreneurship Monitor (GEM), presented by PwC in a study for the Japanese Ministry of Economy, Trade and Industry, also highlight a contrasting evolution in entrepreneurial intentions, the perception of opportunities, and fear of failure.

Entrepreneurial Activity Rate Reaches 12.5%

The TEA, a benchmark indicator of the Global Entrepreneurship Monitor, measures the proportion of adults engaged in starting or managing a new business.

In Morocco, this indicator has almost doubled in one year, rising from 6.3% in 2023 to 12.5% in 2024.

This growth represents one of the highest levels observed in recent years. The rate peaked at 15.8% in 2009, followed by significant fluctuations: 4.4% in 2015, 8.8% in 2017, 11.4% in 2019, and then plummeting to just 4.2% in 2022.

The rebound recorded in 2024 thus marks a clear departure from the trend observed in recent years.

Intentions to Start a Business Decline Sharply

Paradoxically, this increase in the entrepreneurial activity rate occurs at a time when intentions to start a business continue to decline.

The proportion of individuals considering launching a new venture in the next three years has dropped from 23.9% in 2023 to 16.8% in 2024.

The decline is even more pronounced in the long term. After peaking at 48% in 2020, this indicator gradually fell to 41.6% in 2021, 36.4% in 2022, 23.9% in 2023, and now to 16.8% in 2024.

Over the past five years, entrepreneurial intentions have thus lost 31.2 percentage points.

This trend indicates that the robust entrepreneurial activity observed in 2024 does not necessarily correlate with an increase in future business creation projects.

More Moroccans Know Entrepreneurs

One of the most significant changes concerns the social diffusion of entrepreneurship.

In 2024, 78.2% of respondents reported personally knowing someone who has started a business in the past two years, up from 45.6% in 2023.

This marks a remarkable rise of 32.6 percentage points in just one year.

This indicator had remained relatively volatile in previous years, with figures of 51.6% in 2022 and 45.6% in 2023. The level achieved in 2024 thus represents a peak in the recent series.

This increasing closeness to entrepreneurs may help boost the visibility of business creation and make entrepreneurship more tangible for a portion of the population.

Fear of Failure Rises to 50%

Despite improvements in several indicators, the report also highlights an increase in the fear of failure.

In 2024, 50% of respondents stated that their fear of failure could prevent them from starting a business, compared to 34.2% a year earlier.

After reaching 46.8% in 2022 and then dropping to 34.2% in 2023, this indicator has returned to a high level.

This development contrasts with the increase in the entrepreneurial activity rate and underscores the existence of an environment where more individuals engage in entrepreneurship despite a heightened perception of risk.

Opportunities Still Perceived as Favorable

The perception of entrepreneurial opportunities remains relatively high in Morocco.

In 2024, 62.6% of respondents believed there were good opportunities to create a business in the next six months.

However, this level is still lower than the 70.7% recorded in 2023 and the peak of 64.1% reached in 2021.

Despite this decline, the perception of opportunities remains well above the levels observed between 2015 and 2018, when this indicator notably reached only 33.6% in 2018.

74.6% of Moroccans Feel Capable of Entrepreneurship

Confidence in entrepreneurial skills is also on the rise.

In 2024, 74.6% of respondents believe they possess the knowledge, abilities, and experiences necessary to start a business.

This level has increased from 68.2% in 2023 and is equivalent to the level recorded in 2009.

The change is particularly notable compared to 2018, when this indicator fell to just 29.5%.

The perception of the skills needed for entrepreneurship has thus substantially strengthened over recent years.

Entrepreneurship Retains Strong Social Recognition

Starting a business continues to be widely viewed as a desirable career choice.

In 2024, 78.2% of respondents share this opinion. This level is slightly lower than the 83% in 2023 and the 85.1% recorded in 2021, but it remains high.

Entrepreneurial success also enjoys strong social recognition. 84.1% of respondents believe that successful entrepreneurs hold a high status and earn respect in society.

Media visibility of entrepreneurial successes is also significant, with 81.8% in 2024, compared to 80.5% in 2023 and 85.6% in 2022.

Personal Financing for Businesses Soars

Another notable trend is the increase in personal financing of businesses created by others.

The proportion of individuals who have funded a business established by someone else rose from 4.6% in 2023 to 12.4% in 2024.

This is the highest level recorded in the Moroccan series presented in the study.

This growth is particularly significant when compared to previous years. The indicator was only at 2% in 2022 and just 0.5% in 2009.

An Evolving Entrepreneurial Landscape

The 2024 data thus paints a contrasting picture of entrepreneurship in Morocco.

On one hand, the early-stage entrepreneurial activity rate has reached 12.5%, more Moroccans know entrepreneurs, and confidence in their skills is growing. Personal financing for third-party businesses is also experiencing significant acceleration.

On the other hand, intentions to start a business are declining to 16.8%, while fear of failure has risen to 50% and the perception of opportunities has decreased compared to 2023.

These figures suggest that Moroccan entrepreneurship is experiencing a real activity rebound in 2024, but in an environment where future intentions and risk perception are shifting in a less favorable direction.