North Africa Remains Steady In face Of Global Adversity

October 2008 | Economic Analysis

All the signs are that 2009 will be tougher for North Africa than 2008 has been - Algeria will see its oil revenues drop considerably, while Morocco and Tunisia will feel the impact of slower European growth and, consequently, lower demand for exports. However, Algeria has negligible debt levels, while Morocco and Tunisia both remain committed to economic reform and trade liberalisation. As such, we believe the risks to their sovereign debt position are limited, hence our decision not to downgrade our sovereign risk ratings for the region.

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