...We project Morocco's real growth this year to slow to below 2%, down from 4.5% in + 2015, because of a forecast weaker agricultural sector this year. We expect economic activity to remain vulnerable to volatility in the agricultural sector and external demand fluctuations from Europe, notably in tourism. Nevertheless, investments in newly developed industries such as the automotive + sector should improve economic diversification, and help GDP growth and exports over the medium term. We expect Morocco's external and fiscal deficits to continue to narrow, supported + by public finance reforms and low energy prices. We are affirming our long- and short-term foreign and local currency sovereign + credit ratings on Morocco at '###-/A-3'. The stable outlook reflects our expectation that public finance reforms will + proceed, while fiscal and current account deficits continue to decline over the next few years amid improving economic growth....
