...Institutional and economic profile Flexibility and performance profile Morocco's relatively low per capita income and structural twin deficits constrain its credit quality. The implementation of structural economic and budgetary reforms underpins Morocco's creditworthiness. GDP per capita is lower than peers', underscoring the country's structural weaknesses and large informal economy. Morocco's structural reform agenda should yield a more inclusive economic growth and gradually narrower current account and budget deficits. The Moroccan economy still relies significantly on agriculture, making it sensitive to weather patterns. The government is overhauling the social security system to extend the coverage of health care and social transfers, while broadening the tax and social contribution base. Ongoing economic diversification, as well as key public and private investments, support robust growth prospects. Government debt will exceed 70% of GDP, but the average maturity is long and over...
