Allianz Trade highlights resilience of Moroccan sectors amid global risks

11:21

By: Azzat Manal

Allianz Trade highlights resilience of Moroccan sectors amid global risks

Morocco's economy has shown a degree of resilience despite continued uncertainty in the global economy, with none of the 18 sectors assessed in Allianz Trade's latest risk classification placed in the high-risk category.

The company's new Global Sector Risk Atlas highlights significant differences in the ability of Moroccan industries to withstand external pressures. While several sectors demonstrate strong resilience, others remain more exposed to fluctuations in demand and prices, rising production costs and disruptions to global supply chains.

Pharmaceuticals, food manufacturing, software and information technology services, as well as the broader information and communications technology sector, were among the activities considered particularly resilient. Their relative strength reflects their ability to withstand economic volatility while benefiting from structural changes and emerging opportunities.

Five sectors, however, were classified as sensitive risks: construction, transport, textiles, metals and energy. These industries face greater exposure to higher financing and production costs, changing demand and price conditions, as well as potential disruptions to international trade and supply chains.

Nine other sectors were placed in the medium-risk category. They include automotive and automotive components, chemicals, paper, electronics, distribution and trade, machinery and equipment, transport equipment and household appliances, among other activities.

Being classified as a medium risk does not necessarily indicate a sharp deterioration in a sector's fundamentals. Rather, it reflects exposure to a combination of economic pressures and the possibility of slower activity under current international conditions.

The assessment comes as the global economy navigates slower growth alongside persistent trade and geopolitical tensions. Allianz Trade expects global economic growth to reach 2.5% in 2026 before accelerating to 2.9% in 2027.

The risk classification is based on several indicators, including demand trends, corporate profitability, liquidity conditions and the business environment, alongside Allianz Trade's internal data and analysis from specialists in credit risk.

Overall, the assessment points to Morocco's ability to absorb part of the external shocks affecting the global economy, while also highlighting differences in resilience between individual sectors. Industries linked to healthcare, food and technology appear better positioned to withstand volatility, whereas construction, transport, textiles, metals and energy remain more exposed to international market pressures, production costs and supply-chain disruptions.