From Infrastructure to Growth: Evaluating PPP Investments in Morocco Through the ARDL Model
Keywords:
Public-Private Partnerships, GDP growth, ARDL, Morocco, Investment
Abstract
This study investigates the impact of public–private partnerships (PPPs) on Morocco’s economic growth over the period 1993–2023. GDP growth is employed as the dependent variable, with the number of PPP projects, PPP investment, gross fixed capital formation, unemployment, and inflation as explanatory variables. Using the Autoregressive Distributed Lag (ARDL) technique, the analysis captures both short-run and long-run dynamics. Results indicate that in the long run, PPP investment exerts a positive and significant effect on GDP growth, whereas the number of PPP projects has a negative impact, suggesting that project proliferation without efficiency may hinder performance. In the short run, PPP projects contribute positively, while unemployment consistently reduces growth. Robustness tests confirm the absence of serial correlation, heteroskedasticity, and non-normality, while CUSUM and CUSUMQ verify model stability. These findings highlight that investment quality, rather than project frequency, is the key driver of Morocco’s long-run growth, underscoring the need for governance and efficiency-centered PPP strategies.
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References
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30. Papadomanolakis, D., et al. (2025). Public-private partnerships and GDP growth: Evidence from the Eurozone. European Research Studies Journal, 28(2), 1049–1058.
31. Pimentel, I., et al. (2017). The impact of investment in public-private partnerships on public, private investment and GDP in Portugal. Lisbon School of Economics & Management. https://doi.org/10.13140/RG.2.2.17117.46568
32. Provan, K. G., & Kenis, P. (2008). Modes of network governance: Structure, management, and effectiveness. Journal of Public Administration Research and Theory, 18(2), 229–252. https://doi.org/10.1093/jopart/mum015
33. Shaoul, J. (2011). Sharing political authority with finance capital: The case of Britain’s public-private partnerships. Policy and Society, 30(3), 209–220. https://doi.org/10.1016/j.polsoc.2011.07.005
34. Shediac, R., Hammami, M., Abouchakra, R., & Najjar, M. R. (2008). Public-private partnerships: A new catalyst for economic growth. PwC. https://www.strategyand.pwc.com/media/uploads/Public-Private-Partnerships.pdf
35. Singh, G., & Khan, M. S. (2015). The role of public-private partnership (PPP) in building society. Management Studies and Economic Systems, 2(2), 103–110.
36. Singh, K. P. (2011). Issues and prospects of public-private partnership in India. Zenith International Journal of Multidisciplinary Research, 1(5), 244–256.
37. Snoussi, N., & Elhamma, A. (2024). The pivotal role of management control in times of crisis: Enhancing organizational resilience and strategic adaptation. European Scientific Journal, 36, 136–153.
38. Tang, L. Y., Shen, Q., & Cheng, E. W. L. (2010). A review of studies on public-private partnership projects in the construction industry. International Journal of Project Management, 28(7), 683–694. https://doi.org/10.1016/j.ijproman.2009.11.009
39. Uddin, M. T., & Akter, H. (2021). Macroeconomic rates of return of investment in public-private partnerships: Evidence from South Asian region. The Journal of Developing Areas, 55(1), 303–318.
40. Vries, J. de. (2013). European urbanization, 1500–1800. Routledge. https://doi.org/10.4324/9780203716526
41. Wessel, D. W. (2023). 'Triple Ps' in infrastructure development and economic growth in Sub-Saharan Africa. Graduate School of Business, University of Cape Town. http://hdl.handle.net/11427/39920
42. Yurdakul, H., & Kamasak, R. (2020). Investment through public-private partnership (PPP): The impact of PPP activities on the growth of GDP. PressAcademia Procedia, 11, 150–152.
43. Yurdakul, Ö., Yavuz, M. C., & Özdemir, D. (2020). The role of public-private partnerships in economic growth: Empirical evidence from Turkey. International Journal of Public Sector Management.
44. Zangoueinezhad, A., & Azar, A. (2014). How public-private partnership projects impact infrastructure industry for economic growth. International Journal of Social Economics, 41(10), 994–1010. https://doi.org/10.1108/IJSE-04-2013-0083
45. ZEROUAL, N., & AASRI, M. R. (2025). Public Debt: Facilitator or barrier? A literature review of its impact on economic growth. https://doi.org/10.5281/zenodo.17093926
46. Zou, P. X. W., Wang, S., & Fang, D. (2008). A life-cycle risk management framework for PPP infrastructure projects. Journal of Risk Management, 10(3), 212–225. https://doi.org/10.1108/13664380810898131
47. Zuo, S., Wu, B., & Feng, J. (2023). Does government reduction of the corporate income tax rate increase employment? Evidence from China. International Review of Economics & Finance, 83, 365–372.
2. Amedanou, D. K., & Yawovi, M. E. (2023). Public-private partnership and economic growth nexus: Evidence from developing countries. International Journal of Sustainable Development, 12(1), 1–17.
3. Amedanou, Y. M. I. (2023). Financing the economy in debt times: The crucial role of public–private partnerships. Research in Economics, 77(3), 295–309.
4. Atapattu, P. J. (2019). Infrastructure investment with public-private partnership (PPP) and economic growth in developing countries in Asia. Vidyodaya Journal of Management, 5(1), 1–20.
5. Babatunde, S. O., Opawole, A., & Akinsiku, O. E. (2012). Critical success factors in public‐private partnership (PPP) on infrastructure delivery in Nigeria. Journal of Facilities Management, 10(3), 212–225. https://doi.org/10.1108/14725961211246018
6. Belghiti, Z., & Angade, K. (n.d.-a). Key success factors of public-private partnerships in Morocco: A case study of the Noor I solar power plant. Revue Économie, Gestion et Société (REGS). http://revues.imist.ma/?journal=REGS
7. Bennani, S., & Elhamma, A. (2015). La comptabilité en finance islamique selon les normes AAOIFI. Editions Universitaires Européennes.
8. Bensouda, G., & Oukassi, M. (2024). Assessing the low-carbon economy transition in Morocco: The role of renewable energy, trade, and economic growth. Revue Marocaine des Sciences Économiques et de Gestion, 10(2). https://doi.org/10.48375/IMIST.PRSM/remses-v10i2.57113
9. Chen, C., & Man, C. (2020). Are good governance principles institutionalized with policy transfer? An examination of public-private partnerships policy promotion in China. Australian Journal of Social Issues, 55, 162–181. https://doi.org/10.1002/ajs4.99
10. Cheung, E., Chan, A. P., & Kajewski, S. (2012). Factors contributing to successful public-private partnership projects: Comparing Hong Kong with Australia and the United Kingdom. Journal of Facilities Management, 10(1), 45–58.
11. Consultancy.uk. (2015). 97% of population growth to be in developing world. https://www.consultancy.uk/news/2191/97-percent-of-population-growth-to-be-in-developing-world
12. Deloitte Research. (2006). Closing the infrastructure gap: The role of public-private partnerships. https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/Finance/Corporate%20Finance/2006_closing_infrastructure_gap_deloitte_ireland.pdf
13. Dimitrios, P., et al. (2025). Public-private partnerships and gross domestic product growth: Evidence from the Eurozone. European Research Studies Journal, 28(2), 1049–1058.
14. DOUA, W., & KHARISS, M. (2025). Les Partenariats Publics - Privés (PPP) comme levier de développement des infrastructures : Revue de littérature. https://doi.org/10.5281/zenodo.17093404
15. Elhamma, A., & Moalla, M. (2015). Impact of uncertainty and decentralization on activity-based costing use. International Journal of Accounting and Economics Studies, 3(2), 148–155.
16. Gbadegesin, J. T., & Aluko, B. T. (2014). Public-private partnerships/private finance initiatives for financing infrastructure in public tertiary institutions in Nigeria. Built Environment Project and Asset Management, 4(2), 199–215. https://doi.org/10.1108/BEPAM-04-2013-0010
17. Hall, D. (2015). Partenariats public-privé (PPP): Les raisons de leur inefficacité: Les multiples avantages de l’alternative publique. Internationale des Services Publics (ISP). Université de Greenwich.
18. Jasiukevicius, L., & Vasiliauskaite, A. (2013). The relation between economic growth and public-private partnership market development in the countries of the European Union. Economics and Management, 18(2), 226–236.
19. Jens, K. R. (2014). Are public–private partnerships a healthy option? A systematic literature review. Social Science & Medicine, 113, 110–119.
20. Kwak, Y. H., Chih, Y., & Ibbs, C. W. (2009). Towards a comprehensive understanding of public-private partnerships for infrastructure development. California Management Review, 51(2), 51–78. https://doi.org/10.2307/41166480
21. Lee, M., et al. (2018). Deriving macroeconomic benefits from public–private partnerships in developing Asia. Asian Development Bank Economics Working Paper Series, 551.
22. Lemmon, M., & Roberts, M. R. (2010). The response of corporate financing and investment to changes in the supply of credit. Journal of Financial and Quantitative Analysis, 45(3), 555–587. https://doi.org/10.1017/S0022109010000256
23. Loukili, Z., & El Hamma, A. (2024). L’émergence de la politique des partenariats public-privé: Étude comparative Maroc et France. International Journal of Accounting, Finance, Auditing, Management and Economics, 5(6), 190–206. https://doi.org/10.5281/zenodo.11537330
24. Loukili, Z., & El Hamma, A. (2024). Public-private partnership and economic growth in Morocco: An empirical analysis. ESI Preprints. https://doi.org/10.19044/esipreprint.12.2024.p563
25. Loukili, Z., & El Hamma, A. (2025). Public-private partnership and economic growth in Morocco: An empirical analysis. European Scientific Journal, 21(7), 80. https://doi.org/10.19044/esj.2025.v21n7p80
26. Marcelo, D., & House, S. (2016). Effects of multilateral support on infrastructure PPP contract cancellation. World Bank. http://documents.worldbank.org/curated/en/434361468942595220/pdf/WPS7751.pdf
27. Matsolo, N. (2018). Are public-private partnerships catalysing economic growth in Sub-Saharan Africa? [Master’s thesis, University of Cape Town].
28. Mofokeng, M., Alhassan, A. L., & Zeka, B. (2023). Public-private partnerships and economic growth: A sectoral analysis from developing countries. International Journal of Construction Management, 24(10), 1029–1037.
29. Nemyrovska, O., Suntsova, O., & Horbovyy, A. (2024). Public-private partnership in the context of the public policy of digitalisation: Scientific monograph. Bialystok, Poland: E-BWN.
30. Papadomanolakis, D., et al. (2025). Public-private partnerships and GDP growth: Evidence from the Eurozone. European Research Studies Journal, 28(2), 1049–1058.
31. Pimentel, I., et al. (2017). The impact of investment in public-private partnerships on public, private investment and GDP in Portugal. Lisbon School of Economics & Management. https://doi.org/10.13140/RG.2.2.17117.46568
32. Provan, K. G., & Kenis, P. (2008). Modes of network governance: Structure, management, and effectiveness. Journal of Public Administration Research and Theory, 18(2), 229–252. https://doi.org/10.1093/jopart/mum015
33. Shaoul, J. (2011). Sharing political authority with finance capital: The case of Britain’s public-private partnerships. Policy and Society, 30(3), 209–220. https://doi.org/10.1016/j.polsoc.2011.07.005
34. Shediac, R., Hammami, M., Abouchakra, R., & Najjar, M. R. (2008). Public-private partnerships: A new catalyst for economic growth. PwC. https://www.strategyand.pwc.com/media/uploads/Public-Private-Partnerships.pdf
35. Singh, G., & Khan, M. S. (2015). The role of public-private partnership (PPP) in building society. Management Studies and Economic Systems, 2(2), 103–110.
36. Singh, K. P. (2011). Issues and prospects of public-private partnership in India. Zenith International Journal of Multidisciplinary Research, 1(5), 244–256.
37. Snoussi, N., & Elhamma, A. (2024). The pivotal role of management control in times of crisis: Enhancing organizational resilience and strategic adaptation. European Scientific Journal, 36, 136–153.
38. Tang, L. Y., Shen, Q., & Cheng, E. W. L. (2010). A review of studies on public-private partnership projects in the construction industry. International Journal of Project Management, 28(7), 683–694. https://doi.org/10.1016/j.ijproman.2009.11.009
39. Uddin, M. T., & Akter, H. (2021). Macroeconomic rates of return of investment in public-private partnerships: Evidence from South Asian region. The Journal of Developing Areas, 55(1), 303–318.
40. Vries, J. de. (2013). European urbanization, 1500–1800. Routledge. https://doi.org/10.4324/9780203716526
41. Wessel, D. W. (2023). 'Triple Ps' in infrastructure development and economic growth in Sub-Saharan Africa. Graduate School of Business, University of Cape Town. http://hdl.handle.net/11427/39920
42. Yurdakul, H., & Kamasak, R. (2020). Investment through public-private partnership (PPP): The impact of PPP activities on the growth of GDP. PressAcademia Procedia, 11, 150–152.
43. Yurdakul, Ö., Yavuz, M. C., & Özdemir, D. (2020). The role of public-private partnerships in economic growth: Empirical evidence from Turkey. International Journal of Public Sector Management.
44. Zangoueinezhad, A., & Azar, A. (2014). How public-private partnership projects impact infrastructure industry for economic growth. International Journal of Social Economics, 41(10), 994–1010. https://doi.org/10.1108/IJSE-04-2013-0083
45. ZEROUAL, N., & AASRI, M. R. (2025). Public Debt: Facilitator or barrier? A literature review of its impact on economic growth. https://doi.org/10.5281/zenodo.17093926
46. Zou, P. X. W., Wang, S., & Fang, D. (2008). A life-cycle risk management framework for PPP infrastructure projects. Journal of Risk Management, 10(3), 212–225. https://doi.org/10.1108/13664380810898131
47. Zuo, S., Wu, B., & Feng, J. (2023). Does government reduction of the corporate income tax rate increase employment? Evidence from China. International Review of Economics & Finance, 83, 365–372.
Published
2025-11-12
How to Cite
Doua, W., Nouhaila, N., Khariss, M., & Aasri, M. R. (2025). From Infrastructure to Growth: Evaluating PPP Investments in Morocco Through the ARDL Model. European Scientific Journal, ESJ, 47, 20. Retrieved from https://eujournal.org/index.php/esj/article/view/20304
Section
ESI Preprints
Copyright (c) 2025 Wissal Doua, Nouhaila Nouhaila, Mohammed Khariss, Mohammed Rachid Aasri
This work is licensed under a Creative Commons Attribution 4.0 International License.
