S&P moves Morocco outlook to positive

S&P said it revised its outlook for Morocco to positive from stable and affirmed its BB+ ratings.

Tourist arrivals in 2023 was 12.3% above pre-pandemic 2019, beating the global average, despite the earthquake in the Marrakesh region in September. The agency also noted Morocco’s current account deficit narrowed to 0.6% of GDP in 2023, against S&P’s previous estimate of 2.7%,

“We believe the ongoing, albeit gradual, shift in Morocco's underlying economic structure will benefit the growth outlook, economic stability, and fiscal trajectory. We forecast that Morocco's annual economic growth will accelerate and average 3.6% in 2024-2027, while the budget deficit will decline to 3% of GDP by 2027,” S&P said in a statement.

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