A study conducted by Euler Hermes suggests that Morocco is the only country in North Africa and the Middle East that is ranked as low-risk due to several strong indicators. The report shows that the Kingdom is witnessing «steady growth despite primary sector high volatility». Morocco is ranked as the only North African country that has a «low risk» status in the short and medium term according to Euler Hermes, a credit insurance company that offers a wide range of bonding, guarantees and collections services for the management of business-to-business trade receivables. The agency which based the ranking on a number of factors, namely «macroeconomic imbalances, business environment, and the stability of the political system», has evaluated 150 other nations. According to the firm, Morocco is an «it's oh so quiet» country that leads the MENA region when it comes to the resilience of its economy. In a list that mentions the strengths and the weaknesses of the country, the agency indicates that «King Mohammed VI remains generally popular and rule by the monarchy is an acceptable form of governance for the majority of the population» , adding that Morocco has «sound commercial and diplomatic relations with the U.S. and the EU». The list also point s out that Morocco's «economic resilience to volatile agricultural output, particularly resulting from periodic drought». Furhtermore the kingdom is considered a quiet country due to the «geographic proximity» that has «a very large potential market (Europe) for international investors and traders and Although external debt stock has increased in recent years, debt servicing obligations remain manageable». Morocco an «it's oh so quiet» country As for the weaknesses, the report states that there is a «wide gap between rural and urban standards of living, poverty and unemployment remain high and are a principal cause of social discontent and provide a potential breeding ground for religious militancy, weak record in relation to abuses of human rights and to press freedom, although the monarchy remains popular and some reforms have been implemented there are lingering concerns that the government is merely a vocal expression of palace authority». The agency which rated Morocco as a B1 is described as «an island of tranquility» that has a strong basis of progress taking advantage of the trade agreements. The survey explained that «the prudent policy-mix, as well as good management of foreign exchange reserves» has supported the country's economy resilience. Euler Hermes forecasts a growth for the Kingdom's GDP to 4.5% in 2017, stating that this is «encouraged by the diversification of the economy, through both better agricultural management and use of fertilizers, and the steady growth of the industrial and services sectors». Euler Hermes believes that the Moroccan economy is also backed by the trade and financial relationships it is trying to maintain in the region such as joining the Economic Community of West African States (ECOWAS). However, the agency argues that «trade relationships are still heavily biased towards European partners. Yet Western Africa is already among the top ten growing destinations for Moroccan exports in 2017».
