The 2024 annual report from the Moroccan Observatory for Very Small, Small, and Medium Enterprises (OMTPME) highlighted the acceleration of small and medium enterprise (SME) failures following the COVID-19 pandemic.
The number of dissolved or bankrupt companies reached a peak in 2023, with 10,905 businesses compared to 9,740 in 2022.
This increase is largely attributed to the economic and financial challenges SMEs faced in the wake of the global health crisis.
The report offers a detailed demographic, economic, and financial analysis and highlights bank financing as a significant barrier for small businesses, particularly those run by women.
According to the findings, only 14.6% of women-led businesses have access to bank financing, illustrating a pronounced gender gap in this area.
On the employment front, the report found a 5% increase in declared jobs post-pandemic, compared to just 2% before the crisis, signaling a notable improvement in the formal economy, particularly in sectors such as administrative services and transportation, which were key drivers of new job creation.
The report also emphasizes innovation as a critical driver of economic diversification and competitiveness. It calls for a shift toward sectors like technology, creative industries, and renewable energy to strengthen Morocco’s competitive edge.
While the number of small businesses grew by 20% between 2017 and 2023, the report indicates that micro-enterprises—representing 86.7% of all businesses—remain dominant, reflecting the resource and expertise limitations many of these companies face.
The post 2024 Observatory report reveals urge in SME failures and financial challenges in Morocco appeared first on HESPRESS English – Morocco News.
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