Global trade credit insurer Allianz Trade has maintained Morocco’s country risk rating at “B1” in its Country Risk Atlas 2026, positioning the Kingdom as “the safest country in Africa for business.”
The assessment appears in the third edition of the insurer’s flagship Country Risk Atlas, which evaluates economic outlooks, risks, and opportunities across 83 countries representing around 94% of global GDP. The report is based on Allianz Trade’s proprietary risk assessment model, updated quarterly in line with global economic developments and the company’s internal data.
In the section dedicated to Morocco, the study underlines that the country “displays robust economic growth, strengthened by its role as a manufacturing hub for Europe and its ambitions to become an energy hub.” Maintaining the “B1” rating, Allianz Trade said, confirms Morocco’s leading position on the continent in terms of business safety and risk environment.
“Morocco is set for strong economic growth, with GDP projected to rise by 3.7% in 2026 and 3.5% in 2027, driven by industrial production, foreign investment, and a recovery in agriculture. Tourism is booming, aided by events like the Africa Cup of Nations and the World Cup,” said Lluis Dalmau, Economist for Africa and the Middle East at Allianz Trade, as quoted in the press release.
According to Luca Moneta, Senior Economist for Emerging Markets at the insurer, the ratings provide “a comprehensive analysis and overview of the economic, political, business environment and sustainability factors that influence non-payment risk trends for companies at the macroeconomic level.”
Each rating combines 17 short-term indicators and 18 medium-term indicators. The framework is designed to serve as “a pragmatic compass for decision-makers in a world beset by multiple crises,” Moneta added, helping companies navigate volatility, protect cash flow, and turn risk awareness into competitive advantage.
Beyond Morocco, the report notes that despite a year marked by intense trade tensions and multiple political, geopolitical, and fiscal risks, global country risk improved in 2025. A total of 36 countries saw their ratings upgraded, compared with 14 downgrades.
Among the economies whose ratings improved were Argentina, Ecuador, Hungary, Italy, Spain, Turkey, and Vietnam.
“In 2025, upgrades were mainly driven by stronger macroeconomic fundamentals, supported by more accommodative fiscal and monetary policies. In several emerging markets, improved financing conditions, local currency appreciation, and higher commodity prices helped lift transfer and convertibility restrictions — an essential aspect of political risk,” said Ana Boata, Head of Economic Research at Allianz Trade.
She added that among high-income economies, improved political stability, disinflation, and solid trade performance strengthened resilience in Europe — notably in Germany, Greece, Italy, and Spain — as well as in the Asia-Pacific region, particularly in South Korea and Vietnam.
While the number of downgrades “may seem low,” Allianz Trade cautioned that it nearly tripled compared to 2024, rising from five to 14. Some key economies were among those downgraded, underscoring persistent medium-term challenges for businesses.
“Resilience is spreading, but risk clusters persist in major economies. For example, last year we observed a deterioration in the medium-term macroeconomic environment in seven markets, compared with 18 that improved,” said Aylin Somersan Coqui, CEO of Allianz Trade.
She concluded that the global economy is undergoing one of its most turbulent periods in decades, shaped by converging shocks and structural transformations including artificial intelligence, demographic shifts, climate change, trade realignments, and regulatory changes.
“Uncertainty remains high, and companies must adopt a selective, country-by-country approach to grow their operations while protecting their assets,” she said, stressing the need for granular, forward-looking risk management that goes beyond general ratings. Continuous monitoring of transfer and convertibility conditions, fiscal trajectories, and trade exposures will be essential to anticipate potential tipping points.
Headquartered in Paris, Allianz Trade operates in more than 40 countries with 5,800 employees. In 2024, the company reported consolidated revenues of €3.8 billion, while global insured business transactions represented €1.4 trillion in exposure.
