Similarly Tunisia suffers from the worsening of the trade deficit of around 18 of. The analysis is very clear.
But right now things are incredibly fragile.
Tunisian economic crisis. Tens of thousands of Tunisians have lost their jobs in a worsening economic crisis exacerbated by efforts to stem rising cases of novel coronavirus a key employers federation has warned. TUNISTunisias economic political and social crises have soured the public mood and deepened the gap between political actors and the public. Tunisias real GDP should rebound and grow 2 in 2021 and 39 in 2022 if the pandemic recedes and allows a restart of the global economy especially in Europe upon which Tunisia relies heavily.
Based on this analysis I would like to offer the following general recommendations for reform and crisis resolution in Tunisia. 26 is to rebuild Tunisias economy and unlock its untapped potential to be an economic gateway to Africa. The economic crisis due to the Covid-19 pandemic impacted the industrial sector mainly the textile and clothing sector and the mechanical and electrical engineering sub-sectors.
Tunisia has seen a record shrinking of its economy with its GDP cut by 216 in the second quarter of 2020 and unemployment rising to 18. Tunisia is facing. The latest study by Oxfam Tunisia which came out on 17 June shows how inequalities within the country have worsened due to the outbreak of COVID-19.
Tunisias faltering economy was one of the major contributing factors to the 2011 revolution and in the years since the revolution it has continued to deteriorate. A recent opinion poll showed that Speaker of Parliament Rached Ghannouchi who also heads the Islamist Ennahda Movement is still the least trusted political figure in the country while the. The lack of agreement between the government of Hichem Mechichi and the Tunisian Central Bank on the means to finance the additional budget deficit has plunged Tunisia into an unprecedented economic crisis.
Tunisia is in the midst of a serious political social and economic crisis. But while the elite engage in theoretical debate the economic crisis deepens. The study estimates the macroeconomic and microeconomic impacts of COVID-19 pandemic on the Tunisian economy for the year 2020.
Inflation is expected to continue to decline over the medium term to around to 57 in 2021 and 43 in 2022 due to prudent monetary policy. Tens of thousands of Tunisians have lost their jobs in a worsening economic crisis exacerbated by the Covid-19 pandemic as nearly a third of small to medium-sized businesses face bankruptcy. The current crisis while exacerbating the ills from which the Tunisian economy is suffering nevertheless offers tremendous opportunities and urgency in the implementation of restructuring plans which Tunisia needs.
The main challenge for Tunisias new government which was finally voted in on Feb. The Tunisia Economic Monitor 2020 sheds the light on drivers of the sharper decline in growth than most of its regional peers and suggests a coherent plan for restarting the economy and. Jun 17 2020.
Nightly riots by Tunisian youths this week have underscored the depth of the economic crisis in the Arab worlds only democracy as it grapples with rising poverty and widespread unemployment. It also provides an economic estimate of the impact of COVID-19 on the Tunisian economy and more particularly on microenterprises in terms of financial fragility as well as households in terms of poverty. Control measures and restrictions have amplified the drop in foreign demand for the production of these subsectors reducing exports of mechanical and electrical engineering and textiles by 27 by year-on-year mid-2020.
What began as a fight for social justice became an ideological tug-of-war between Islamists and secular forces. Conclusion reform is needed to unleash Tunisias economic potential. Now the outbreak of the coronavirus pandemic has further aggravated the economic crisis in the country - up to 20 of SMEs could go bankrupt - and in particular this southern region.
In this context dynamizing firms and their job creation potential is more urgent than before if Tunisia is to begin recovering from the COVID-19 crisis. Closely tied to the eurozone around 80 of Tunisias trade is linked to Europe the economy keenly felt the effects of the euro crisis. In this context Moodys warns the Tunisian government on March 17 2020 under penalty of lowering its rating to make its access to international loans more difficult and expensive.
More than two years have passed since the start of the so-called Arab Spring in Tunisia. The decade 2010-2020 is far from being a satisfaction for the Tunisian economy. In this blog post I have tried to give an overview of what I believe are the main causes of the economic crisis.
The impression is that the economic crisis caused by the pandemic has hit not only the poorest sectors of society but also small- and medium-sized Tunisian businesspeople. An Economy in Crisis. The governor of the Central Bank of Tunisia Marwan al-Abbasi is forecasting a drop in gross domestic product GDP of 7 to 8 this year after having recorded a contraction of 2 in the.
The first wave of the epidemic March to June resulted in the loss of 165000 jobs Bechir Boujday a member of the board of the employers.
