S&P Global Ratings has maintained Morocco’s sovereign credit rating at BB+/B with a “stable outlook,” expecting the Kingdom’s economy to achieve a 3.5% growth this year, compared to the 4% that the government aspires to.
“Our projections suggest that inflation will become more broad-based and will decelerate gradually to 4.5% in 2023 and 2% by 2026,” S&P said in a report published on Friday.
“The stable outlook on Morocco reflects our expectation that ongoing structural reforms will support robust economic growth and help counterbalance external and budgetary pressures”, the credit rating agency pointed out.
The New York-based agency said that “the Moroccan economy has weathered several regional and global shocks over the past two decades while maintaining access to external and domestic financing.”
S&P Global Ratings pointed to “robust growth prospects, supported by ongoing structural reforms, economic diversification, and public and private investment.”
According to the same source, Morocco’s economic growth will benefit from “the completion of additional large-scale projects, the expansion of Morocco’s export capacity, the promotion of the private sector, and the implementation of socio-economic reforms.”
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