The outlook for Morocco depends on its success in pushing through its reform agenda. Meanwhile risks remain from global economic conditions, and high unemployment.
Economic risk (MEDIUM): The economic recovery is still on track for recovery but with a steeper short-term slowdown and stronger long-term growth. It is vulnerable to negative changes in the global economy and financial system.
Political risk (MEDIUM): A fresh outbreak of protests in the north of the country over poverty are a reminder of social tensions. The successful formation of a government under Saadeddine El Othmani ends months of political stalemate.
Financial risk (LOW): The Moroccan financial sector is well capitalised and resilient but significant risk exposures remain. A long delayed sukuk issuance is now imminent.
Commercial risk (MEDIUM): The ease of doing business has improved in a number of facets and the progressive corporate tax system will help smaller businesses.