Financial stability and macroeconomy
Climate risk and financial stress indices (annual) and Morocco's macroeconomic indicators.
Both indices use a 0–100 scale: 100 is the highest level observed over 1998–2025, not a "100% risk". A value above 100 in a later year would signal a level never observed before.
50.0 financial stress (FSI) 2025
Updated : 6 November 2026
Key results
Climate risk index 100.0 2025 · Exceptional Financial stress index 50.0 2025 · Normal Drought and agriculture r = 0.61 correlation, p = < 0.001, 34 years Greenhouse gas emissions 108.7 Mt 2024 · CO2e
For context: GDP growth of 4.6% in 2025 (World Bank).
1 Climate risk and financial stress indices
Climate risk indexAnnual composite index (temperature, rainfall, CO₂ emissions) built by principal component analysis, on a 0–100 scale relative to 1998–2025.
What this means In 2025, the index stands at 100.0 (exceptional), ranking 1 of 28 years. 46% of this value comes from the atypical deviation component. The index is descriptive: it neither measures nor forecasts the probability of a crisis.
Contribution of the atypical deviation component
The index combines two components: the first captures the common trend of the variables; the second enters in absolute value and raises the index whenever a year is atypical, in either direction. A very wet year can therefore raise the climate risk index. The grey line shows the first-component-only variant for comparison.
2026 value awaiting the following components: TEMP, P, CO2
Financial stress indexAnnual composite index (banks, stock market, public finances, external sector). Higher values mean more stress on the financial system. 0–100 scale relative to 1998–2025.
What this means In 2025, the index stands at 50.0 (normal), ranking 22 of 28 years. 13% of this value comes from the atypical deviation component. The index is descriptive: it neither measures nor forecasts the probability of a crisis.
Contribution of the atypical deviation component
The index combines two components: the first captures the common trend of the variables; the second enters in absolute value and raises the index whenever a year is atypical, in either direction. A very wet year can therefore raise the climate risk index. The grey line shows the first-component-only variant for comparison.
2026 value awaiting the following components: BANK_SOLV, NPL, DEBT_GDP, RES_GDP, BUDGET_BAL, CURR_ACC, MASI_GROWTH, MARKET_CAP
2 Climate and the real economy
Emissions and transition risk
Climate risk has two sides: physical risk (drought, heat) and transition risk towards a low-carbon economy. This section shows Morocco’s greenhouse gas emissions by sector, an indicator of exposure to transition risk.
108.7 MtTotal emissions 2024 (CO2e)
2.9 tPer capita
+156 %Change since 1990
+16 %Since the Paris Agreement (2015)
Coloured areas: CO2 by sector. Dashed line: total greenhouse gases (including methane and nitrous oxide), excluding land use and forestry. The gap is mostly methane and nitrous oxide from agriculture and waste. Source: EDGAR via the World Bank.
3 On other pages
4 Macroeconomic indicators
Source: World Bank, World Development Indicators