Coface reaffirms positive outlook for Morocco, highlighting strong economic fundamentals
The international credit insurance company Coface has reaffirmed its positive assessment of Morocco’s economic outlook, emphasizing the country’s ability to maintain stable financial and macroeconomic balances despite ongoing global uncertainty caused by geopolitical tensions and slowing growth in major international markets.
The institution maintained Morocco’s sovereign risk rating at “B”, while confirming its business climate rating at “A4” for 2026, reflecting what it described as the resilience of the national economy and its capacity to absorb external shocks. Coface attributed this stability to ongoing economic reforms and sustained large-scale investment projects.
According to the report, Morocco’s strong investment momentum remains one of the main drivers of growth. This dynamic is supported by major infrastructure, transport, and energy projects, as well as preparations for the 2030 FIFA World Cup, which are accelerating the implementation of large-scale development programs across the country.
These projects include the modernization of transport networks, the expansion of airports and sports infrastructure, and continued investment in the southern regions through new logistics and economic zones aimed at strengthening regional integration and international connectivity.
On the fiscal side, Coface noted a gradual improvement in Morocco’s public finances, despite increased spending linked to social reforms and public investment. This progress is largely driven by rising tax revenues, supported by structural reforms implemented in recent years.
The report highlighted that increased fiscal income has enabled the financing of wage increases in the public sector and expanded spending on health and education, while preserving overall fiscal sustainability.
Coface also praised the monetary policy pursued by Bank Al-Maghrib, stating that a balanced approach has helped contain inflationary pressures and maintain price stability, while benefiting from precautionary financial arrangements with international institutions.
In external trade, Morocco continues to demonstrate resilience despite weaker demand in some European markets. The country has benefited from strong performance in the services sector, particularly tourism, which has reached record levels in both arrivals and revenue generation.
Remittances from Moroccans living abroad also remain a key pillar supporting foreign currency inflows and strengthening the country’s foreign exchange reserves, ensuring a comfortable buffer against external shocks.
Looking ahead, Coface expects Morocco’s economic momentum to continue in the coming years, driven by ongoing structural reforms, infrastructure expansion, and efforts to position the country as a leading regional investment hub in Africa.
The report further emphasized Morocco’s growing role on the African continent through its expanding financial and banking presence, as well as its deepening economic partnerships with regional and global actors. It also highlighted cross-border strategic projects that aim to reinforce Morocco’s position as a gateway for trade and investment between Africa and Europe.
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