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Slowing global economic growth in 2012 continues to be reflected in the lack of countries moving in a positive direction in terms of country risk levels in the second quarter.
Since the beginning of the year, a total of nine countries saw their level of risk downgraded. Q1 changes of risk level involved 8 countries, all located in Europe, the epicentre of global risk. The threats to eurozone economies remain.
In Q2, Morocco has moved in a worse direction. This reflects the consequences
of the drought that has reduced growth prospects in 2012, in the context of already fragile other macroeconomic risk indicators (for example, policy environment, external balance, debt levels).
As a result the CRL has moved from Low to a still moderate Medium. Other country risk levels have remained unchanged.