S&P Global Ratings has assessed Morocco's macroeconomic resilience in the face of rising energy prices triggered by the Middle East conflict. The agency highlights that Morocco, unlike many African peers, has sufficient fiscal buffers and a diversified energy mix to mitigate the impact of external shocks.
According to S&P's analysis, Morocco's renewable energy capacity—particularly solar and wind—has reduced its dependence on imported fossil fuels. The country's strategic investments in infrastructure and energy transition are key factors in its ability to maintain economic stability.
The report notes that while the conflict has driven up global energy and agricultural input costs, Morocco's proactive fiscal policies and foreign exchange reserves provide a cushion. S&P expects the country's current account deficit to widen moderately but remain manageable.
However, the agency warns that sustained high energy prices could strain public finances if the conflict persists. Morocco's credit rating remains stable, supported by its track record of economic reforms and access to international capital markets.
