In a global environment shaped by persistent geopolitical, economic, and financial uncertainty, Morocco continues to stand out for the resilience of its economic model. According to Coface's April 2026 country-risk barometer, the Kingdom keeps its B rating, the best country-risk grade in North Africa.

This result reinforces Morocco's attractiveness for investors and confirms the relative stability of its business environment. Below are the main takeaways from the report and what they mean for companies.

A solid rating in an uncertain global context

Coface keeps Morocco at B, which corresponds to an intermediate level of risk, while the country's business climate is assessed at A4, meaning a reasonable level of risk.

  • Morocco remains the highest-rated country in North Africa
  • Coface's scale ranges from A1 for very low risk to E for extreme risk
  • The rating reflects relative macroeconomic stability and a structured institutional framework

Growth expected above the world average

Coface expects Morocco's growth to reach 4.4% in 2026, after 4.6% in 2025, clearly above several international benchmarks.

  • World: 2.6%
  • Advanced economies: 1.7%
  • Emerging economies: 3.8%

This momentum is supported by the recovery of agriculture, infrastructure investment, tourism growth, and the development of financial services.

Growth drivers are becoming more domestic

One of the key messages of the report is the shift toward more internal growth drivers. Household consumption, investment, and public spending now play a central role in supporting activity.

  • Household consumption has supported growth since 2023
  • Investment has accelerated since 2024, notably through infrastructure and 2030 World Cup preparations
  • Public spending remains stabilizing, even though net exports still weigh on growth

Key sectors likely to support 2026 activity

Several sectors are expected to keep driving Morocco's economy this year:

  • Construction and infrastructure thanks to projects linked to the 2030 World Cup
  • Tourism with visitor numbers close to 20 million in 2025
  • Financial services supported by Morocco's regional hub position
  • Agriculture helped by more favorable climate conditions

By contrast, manufacturing could soften, especially because of weaker automotive demand in Europe.

Contained inflation and supportive monetary conditions

Inflation remains under control, at 0.7% in 2025 and 1.5% expected in 2026. This gives the central bank room to maintain conditions that support both consumption and investment.

A strategic position for companies and investors

In a more volatile international environment, Morocco stands out as a relatively stable and attractive economy. For companies, this translates into a more secure business setting, investment opportunities, and improved medium-term visibility.

  • A more reliable economic environment than many regional peers
  • Concrete opportunities in growth sectors
  • Remaining watchpoints, especially dependence on imports and external markets

Conclusion

Coface's assessment confirms the resilience of Morocco's economy and its strategic position in North Africa. With solid growth, contained inflation, and stronger internal drivers, Morocco keeps a real competitive edge in a still uncertain global environment.

For investors and businesses, this stability is an important positive signal for market entry, development plans, and long-term strategic support.

Source: Le Matin