Rabat \u2013 S&P Global Ratings taraf\u0131ndan haz\u0131rlanan yeni bir rapor, Fas’\u0131 Orta Do\u011fu’daki devam eden \u00e7at\u0131\u015fman\u0131n ekonomik yay\u0131l\u0131mlar\u0131na en az maruz kalan Afrika ekonomilerinden biri olarak \u00f6ne \u00e7\u0131kar\u0131yor. Bu durum, \u00fclkenin artan k\u00fcresel belirsizlik d\u00f6neminde g\u00f6receli makroekonomik direncini vurguluyor.<\/p>\n
\u00c7al\u0131\u015fma, \u00e7at\u0131\u015fman\u0131n Afrika’daki egemen kredi profilleri \u00fczerindeki etkisini de\u011ferlendiriyor ve artan enerji ile g\u00fcbre fiyatlar\u0131n\u0131n k\u0131ta genelinde makroekonomik dengesizlikleri derinle\u015ftirebilece\u011fi konusunda uyar\u0131yor. Ancak Fas, nispeten daha y\u00fcksek d\u00f6viz rezervleri ve daha geli\u015fmi\u015f bir i\u00e7 sermaye piyasas\u0131 dahil olmak \u00fczere daha g\u00fc\u00e7l\u00fc d\u0131\u015f tamponlar\u0131 sayesinde \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n
Derecelendirilmi\u015f Afrika \u00fclkelerini kapsayan kar\u015f\u0131la\u015ft\u0131rmal\u0131 s\u0131ralamaya g\u00f6re Fas, maruziyet \u00f6l\u00e7e\u011finin en alt\u0131nda, 25 \u00fclke aras\u0131nda 25. s\u0131rada yer al\u0131yor. Bu da de\u011ferlendirilen \u00fclkeler aras\u0131nda en d\u00fc\u015f\u00fck k\u0131r\u0131lganl\u0131k seviyesini g\u00f6steriyor.<\/p>\n
De\u011ferlendirme, e\u015fit a\u011f\u0131rl\u0131kl\u0131 be\u015f g\u00f6stergeye dayan\u0131yor: Orta Do\u011fu’ya ticaret ba\u011f\u0131ml\u0131l\u0131\u011f\u0131, enerji \u015foklar\u0131na maruziyet, d\u0131\u015f k\u0131r\u0131lganl\u0131k, d\u00f6viz rezervleri ve kamu borcu dinamikleri. Bu boyutlar\u0131n tamam\u0131nda Fas, bir\u00e7ok b\u00f6lgesel emsaline k\u0131yasla s\u00fcrekli olarak orta veya kontrol alt\u0131nda risk seviyeleri kaydediyor.<\/p>\n
**S\u0131n\u0131rl\u0131 Ticaret Ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 ve Kontrol Alt\u0131nda D\u0131\u015f Riskler**<\/p>\n
Rapor, Fas’\u0131n mallar\u0131n\u0131n %6,8’ini Orta Do\u011fu’dan ithal etti\u011fini (Afrika ortalamas\u0131 %11’in alt\u0131nda) ve ihracat\u0131n\u0131n sadece %1,1’inin bu b\u00f6lgeye y\u00f6nlendirildi\u011fini (k\u0131ta ortalamas\u0131 %14’e k\u0131yasla) g\u00f6steriyor.<\/p>\n
Orta Do\u011fu ile petrol ve gaz ticaretine net maruziyeti GSY\u0130H’nin %-5,8’i olarak tahmin ediliyor, bu da b\u00f6lgeden gelen hidrokarbon ak\u0131\u015flar\u0131na do\u011frudan hassasiyetin s\u0131n\u0131rl\u0131 oldu\u011funu yans\u0131t\u0131yor. Yak\u0131t s\u00fcbvansiyonlar\u0131 GSY\u0130H’nin %1,4’\u00fc olarak de\u011ferlendirilirken, cari i\u015flemler a\u00e7\u0131\u011f\u0131 GSY\u0130H’nin %-2,5’inde bulunuyor.<\/p>\n
D\u0131\u015f finansman ihtiya\u00e7lar\u0131 kullan\u0131labilir rezervlerin %89,1’ine e\u015fde\u011ferken, net d\u0131\u015f bor\u00e7 GSY\u0130H’nin %13,8’inde kontrol alt\u0131nda. Rapor bu rakamlar\u0131 Afrika egemenlik ortam\u0131nda \u0131l\u0131ml\u0131 olarak de\u011ferlendiriyor.<\/p>\n
**Daha G\u00fc\u00e7l\u00fc Tamponlar ve Finansal \u0130stikrar G\u00f6stergeleri**<\/p>\n
\u00c7al\u0131\u015fmada Fas’\u0131n \u00f6ne \u00e7\u0131kan temel g\u00fc\u00e7lerinden biri, mal ve hizmet ithalat\u0131n\u0131 yakla\u015f\u0131k 5,5 ay kar\u015f\u0131layan rezerv pozisyonu. Bu, Afrika ortalamas\u0131 olan yakla\u015f\u0131k \u00fc\u00e7 ay\u0131n \u00fczerinde bir seviye.<\/p>\n
Enflasyon %1,8 olarak bildirilirken, net devlet borcu GSY\u0130H’nin %64,1’inde bulunuyor. Faiz \u00f6demeleri kamu gelirlerinin %7,7’sini temsil ediyor, bu da b\u00f6lgesel ortalaman\u0131n alt\u0131nda bir seviye.<\/p>\n
Rapor ayr\u0131ca Fas’\u0131n i\u00e7 sermaye piyasas\u0131n\u0131n derinli\u011fine ek bir istikrar fakt\u00f6r\u00fc olarak i\u015faret ediyor ve d\u0131\u015f finansman bask\u0131lar\u0131n\u0131 hafifletmeye yard\u0131mc\u0131 oldu\u011funu belirtiyor.<\/p>\n
Mart 2026’da S&P Global Ratings, Fas’\u0131n egemen kredi notunu \u201cBBB-\/A-3\u201d olarak \u201cistikrarl\u0131\u201d g\u00f6r\u00fcn\u00fcmle teyit ederek \u00fclkeyi yat\u0131r\u0131m yap\u0131labilir kategoriye dahil etti; bu, Afrika’daki en g\u00fc\u00e7l\u00fc derecelendirmeler aras\u0131nda yer al\u0131yor.<\/p>\n
**B\u00f6lgesel G\u00f6r\u00fcn\u00fcm Bask\u0131 Alt\u0131nda**<\/p>\n
K\u0131ta d\u00fczeyinde rapor, \u015eubat 2026’n\u0131n sonlar\u0131nda tetiklenen Orta Do\u011fu \u00e7at\u0131\u015fmas\u0131n\u0131n t\u0131rmanmas\u0131n\u0131n Afrika \u00fclkelerinin g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc de\u011fi\u015ftirdi\u011fi konusunda uyar\u0131yor. Brent petrol fiyatlar\u0131 y\u0131l\u0131n ba\u015f\u0131ndan bu yana yakla\u015f\u0131k %50 art\u0131\u015f g\u00f6sterdi ve S&P, 2026’n\u0131n geri kalan\u0131 i\u00e7in ortalama varil ba\u015f\u0131na 85 dolar varsay\u0131yor.<\/p>\n
Bu y\u00fckseli\u015f, k\u00fcresel piyasalardaki artan riskten ka\u00e7\u0131nmayla birle\u015ferek bir\u00e7ok Afrika \u00fclkesi i\u00e7in yeniden finansman maliyetlerini art\u0131rd\u0131. Bunun sonucunda yak\u0131t ve g\u00fcbre ithalat faturalar\u0131ndaki art\u0131\u015f\u0131n enflasyon, mali dengeler ve d\u0131\u015f hesaplar \u00fczerinde ek bask\u0131 olu\u015fturmas\u0131 bekleniyor.<\/p>\n
Baz\u0131 \u00fclkeler g\u00fcbre stoklar\u0131 veya petrol ihra\u00e7 eden \u00fclke stat\u00fcs\u00fc gibi tamponlardan faydalan\u0131rken, rapor M\u0131s\u0131r, Mozambik ve Ruanda gibi ekonomileri en \u00e7ok maruz kalanlar aras\u0131nda tan\u0131ml\u0131yor. Nijerya, Angola ve Kongo-Brazzaville gibi petrol ihracat\u00e7\u0131lar\u0131, iyile\u015fen ticaret ko\u015fullar\u0131 nedeniyle nispeten daha az k\u0131r\u0131lgan durumda.<\/p>\n
Bu arka planda, Fas’\u0131n nispeten g\u00fc\u00e7l\u00fc d\u0131\u015f pozisyonu ve \u00e7e\u015fitlendirilmi\u015f finansal yap\u0131s\u0131, onu geli\u015fen jeopolitik ortama ba\u011fl\u0131 d\u0131\u015f \u015foklar\u0131 absorbe etmek i\u00e7in en iyi konumlanm\u0131\u015f ekonomiler aras\u0131na yerle\u015ftiriyor.<\/p>\n
#Fas #OrtaDo\u011fu\u00c7at\u0131\u015fmas\u0131 #AfrikaEkonomileri #EkonomikDiren\u00e7 #SPGlobalRatings #D\u00f6vizRezervleri #Ticaret #KamuBorcu #Finansal\u0130stikrar #K\u00fcreselEkonomi<\/p>\n","protected":false},"excerpt":{"rendered":"
Rabat \u2013 S&P Global Ratings taraf\u0131ndan haz\u0131rlanan yeni bir rapor, Fas’\u0131 Orta Do\u011fu’daki devam eden \u00e7at\u0131\u015fman\u0131n ekonomik yay\u0131l\u0131mlar\u0131na en az maruz kalan Afrika ekonomilerinden biri olarak \u00f6ne \u00e7\u0131kar\u0131yor. Bu durum, \u00fclkenin artan k\u00fcresel belirsizlik d\u00f6neminde g\u00f6receli makroekonomik direncini vurguluyor. \u00c7al\u0131\u015fma, \u00e7at\u0131\u015fman\u0131n Afrika’daki egemen kredi profilleri \u00fczerindeki etkisini de\u011ferlendiriyor ve artan enerji ile g\u00fcbre fiyatlar\u0131n\u0131n k\u0131ta […]<\/p>\n","protected":false},"author":2,"featured_media":9343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-9342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-orta-dogu-haberleri"],"_links":{"self":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts\/9342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9342"}],"version-history":[{"count":0,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/posts\/9342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=\/wp\/v2\/media\/9343"}],"wp:attachment":[{"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fajr.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}