American rating agency Standard & Poor’s (S&P) has maintained Morocco’s sovereign debt rating unchanged (BB+/B) with a stable outlook.
In a research update published on Friday, the New York-based agency stressed that “we expect Morocco’s structural reforms to gradually usher in a more inclusive economy.”
“The Moroccan economy has weathered several regional and global shocks over the past two decades while maintaining access to external and domestic financing,” reported S&P in its update.
S&P further highlighted a “series of business-friendly reforms,” noting that Morocco “has also embarked on a comprehensive overhaul of the social security system to extend health care coverage.”
In its report entitled “Morocco ‘BB+/B’ Ratings Affirmed; Outlook Stable,” the American rating agency further highlighted “robust growth prospects, supported by ongoing structural reforms, economic diversification, and public and private investment,” forecasting that Morocco’s GDP will steadily rise by 3.5% in 2023 and by 3.4% per year from 2024-2026.
S&P also stated that the 3.5% GDP growth in 2023 will be supported by “a rebound in agricultural output and robust performance by the country’s main export-oriented sectors, including tourism, phosphates, automotive, and aerospace,” further projecting that inflation will slow down gradually to 4.5% in 2023 and by 2% by 2026.