Morocco is among the least exposed African economies to the economic fallout from the escalating Middle East conflict, according to an analysis by S&P Global Ratings, which highlights the kingdom’s relatively strong buffers against external shocks.
The report comes as rising oil prices, higher fertilizer costs and tightening financial conditions weigh on African economies following the escalation of tensions since late February.
Across the continent, these pressures are increasing import bills and complicating access to international financing.
S&P said Morocco ranks among the least vulnerable of the 25 African sovereigns it assessed, citing moderate exposure to energy shocks, limited trade dependence on the Middle East and relatively stable external indicators.
The agency also pointed to Morocco’s solid macroeconomic fundamentals, including foreign exchange reserves covering around five months of imports and a diversified domestic capital market that reduces reliance on external financing.
Morocco’s sovereign rating was reaffirmed at investment grade “BBB-/A-3” with a stable outlook in March, reflecting what S&P described as sufficient capacity to absorb external shocks despite global uncertainty.
Elsewhere in Africa, countries with higher exposure to Middle Eastern trade and weaker external buffers, such as Mozambique and Rwanda, were identified as more vulnerable to the current الأزمة.
The agency warned that continued volatility in energy markets and supply chains could still test African economies if the conflict persists, even for relatively resilient countries.
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