Fitch affirmed Morocco’s rating at BB+ with a Stable Outlook, citing a resilient institutional framework and sound macroeconomic policies. In 2022, Morocco’s economic growth slowed to 1.2% due to severe drought, but Fitch projects a rebound to 3% in 2023, supported by improved agricultural performance. On the price front, inflation eased to a fifteen-month low of 5.5% in June from 7.1% in May, and the core rate stood at 5.5% after reaching a peak of 6.4%.