Tunisia’s finance minister said he’s fully committed to taking unpopular steps to salvage the economy before resuming loan talks with the International Monetary Fund, just weeks after protests over entrenched unemployment and poverty showed the depth of public anger. Economic Indicators for Tunisia including actual values, historical data, and latest data updates for the Tunisia economy. Tunisia towards new IMF funding program Reforms to stabilize economy, prompt growth requested. Ongoing — COVID-19 pandemic in Tunisia. But the powerful UGTT trade union, which is more aligned with President Kais Saied than Mechichi’s government, is officially opposed to divestment of state assets and has in the past threatened to take to the streets if subsidies are touched. Mechichi renewed pledges made by previous premiers to cut subsidy spending, sell state companies and provide more financing for young Tunisian entrepreneurs. “I am pretty much confident that we will start constructive discussion with IMF, and we will certainly end up with common views.”, Birthplace of Arab revolts must deliver on reform, Kooli says, Cash-tight government eyes maiden sukuk issue, Mideast markets. Tunisia’s tourism-dependent economy shrank 21.6% in the second quarter of 2020 from a year earlier, hit hard by travel bans imposed to stem the spread of the coronavirus. Tunisia urged citizens to pray for rain this weekend amid fears of a second consecutive drought in parts of North Africa that would further test economies reeling from the coronavirus pandemic. The annual inflation rate in Tunisia edged down to 4.8 percent in March of 2021, after remaining flat at 4.9 percent in each of the previous four months. Tunisia economic growth for 2016 was $41.80B, a 3.18% decline from 2015. Tunisia: Green, Blue and Circular Economy - CIES Launches Call for Application for Indimej Prject. Tunisia’s tourism-dependent economy shrank 21.6% in the second quarter of 2020 from a year earlier, hit hard by travel bans imposed to stem the spread of the coronavirus. The state news agency TAP later reported a government proposal to reduce working hours for state employees in order to cut public spending. Tunisia’s next step “will be to really deliver some reform,” Kooli said. The IMF supports the authorities’ efforts to increase social protection and, more precisely, to lower the impact on the most vulnerable. The North African nation has had more than 10 governments in the decade since a wave of protests toppled President Zine El-Abidine Ben Ali in 2011 and rippled across the region. The new government faces an economic situation that is highly vulnerable to a deterioration of the global economy due to the coronavirus pandemic and volatile oil prices. Tunisia had been under a night-time curfew even before the recent lockdown, a four-day measure set to expire on Sunday at midnight. His comments echo those of Prime Minister Hichem Mechichi, who at the height of the protests said he “understood the anger and frustration of the youth,” while deploying the army to halt the looting of shops and banks and attacks on public buildings. These estimates are presented with significant downside risks. Tunisia’s central bank on Wednesday extended a months-long interest-rate pause and called for a program of structural reforms supported by all national stakeholders. 04/20/2021 Updates with TAP report, central bank comments starting from fifth paragraph. Before it's here, it's on the Bloomberg Terminal. Since the ouster of President Zine el-Abidine Ben Ali in 2011, the country has endured pressures from Islamic radicals, a deterioration of its economy, and a chaotic transitional period. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. “We will see the fruits in very few weeks.”. Worsening economy. Tunisia economic growth for 2018 was $39.77B, a 0.08% decline from 2017. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Tunisia takes stock and it is bitter, ten years after its revolution. The political instability has hampered efforts to reduce youth unemployment and corruption, key drivers of the revolt, while repeated terrorist attacks had slowed the crucial tourism industry even before the Covid-19 pandemic depressed global travel. 26 April, 12:15 Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Tunisia Economic Growth The economy is projected to rebound strongly in 2021 after a marked contraction in 2020. Tunisia economic growth for 2017 was $39.80B, a 4.78% decline from 2016. The World Bank Group works in every major area of development. It was the fourth consecutive quarter of declines in economic activity amid the adverse effects of a prolonged pandemic. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. This site uses cookies to optimize functionality and give you the best possible experience. Tunisia economic growth for 2019 was $38.80B, a 2.45% decline from 2018. “Some of those actions aren’t easy to take” but would eventually change the economy “deeply,” he said without giving details. The IMF in January urged Tunisia to cut spending on salaries and handouts to help rein in the budget deficit it forecast could reach 9% of output in 2021 without reform. Tunisia's economy shrank 6.1 percent from a year earlier in the fourth quarter of 2020, following a downwardly revised 5.7 percent contraction in the previous three-month period. This has had a knock-on effect on unemployment, which stood at 17.4% by end 2020, compared with 14.9% pre-pandemic. The International Monetary Fund said that Tunisia asked it for a financing program on April 19 and ... 25 April ,2021: 04:25 PM ... program needed to revive the country’s ailing economy. Photographer: assine Gaidi/Anadolu Agency/Getty Images. Tunisia’s Assembly Backs Embattled PM’s Reshuffle Amid Unrest. However, women face high rates of domestic abuse. State expenditure, according to the official page of Parliament, will total 41 billion dinars while revenues should reach 33 billion dinars. The uptick is, however, not large enough to return output to pre-pandemic levels of 2019. Faced with this, there is a State which is struggling to face this crisis, a State which is struggling to reform the economy and … “Tunisia expects GDP growth of 4% next year compared to a record contraction of 7% expected this year according the draft budget for 2021,” the official said. Specifically, spending on social programs will reach 2.7 percent of GDP in 2019 from 1.9 percent in 2017—a reallocation that is also monitored under the IMF-supported program through a floor on social spending. The recent arrest of Nabil Karoui, founder of the Heart of Tunisia party, on graft and money-laundering charges has also exposed cracks in the government coalition at a critical time for reforms. To learn more about cookies, click here. The recovery will require more stability and a joint national effort to steer the economy to the right path. Global data and statistics, research and publications, and topics in poverty and development, [PDF] Tunisia's Economic Update, April 2021, Environmental and Social Policies for Projects. As the COVID-19 pandemic stretches into 2021 and in a context of heightened socio-political unrest, Tunisia’s growth and fiscal outlook is weaker than before. With a 9.3% contraction, manufacturing, a mainstay of the Tunisian economy, was deeply impacted. Notably, business pulse surveys indicate that almost a quarter of formal firms (23.6%), mainly in the services sector, were either temporarily or permanently closed by the end of 2020. Tunisia has high twin deficits and debt, and limited buffers, whereas growth is anemic, employment stagnant and inflation relatively high. The IMF in January urged Tunisia to cut spending on salaries and handouts to help rein in the budget deficit it forecast could reach 9% of output in 2021 without reform. Op-Ed BDC Snapshots: Tunisia’s persistent economic woes may endanger its fledgling democracy Yasmina Abouzzohour Monday, February 1, 2021 Tunisia’s economic freedom score is 56.6, making its economy the 119th freest in the 2021 Index. As the COVID-19 pandemic stretches into 2021 and in a context of heightened socio-political unrest, Tunisia’s growth and fiscal outlook is … Economy | April 19th 2021 Trade union deal allows progress on Tunisian economic plan The threat of a withdrawal of IMF funding is finally forcing compromise from trade unions and other vested interests. Economy Just Now (Apr 25, 2021 10:20AM ET) ... Tunisia's 2021 budget forecasts borrowing needs of $7.2 billion, including about $5 billion in … Government wages more than doubled to about 20 billion dinars ($7.45bn) in 2021 from 7.6 billion dinars ($2.82bn) in 2010. It is the lowest reading since June of 2017, as prices increased at a slower pace for food products (4.1 percent vs 4.8 in February) and clothing & footwear (6.7 percent vs 8.8 percent). Protesters clash with security forces in a suburb of Tunis for a second night on Sunday as Tunisia’s disaffected youth ... scars an economy that has ... FINANCIAL TIMES LTD 2021. In the meantime, authorities are considering a maiden sovereign sukuk issue or turning to financial markets in the Middle East, Asia or even the U.S. to help plug a budget deficit projected at between $4 billion and $5 billion in 2021, said Kooli, 56, a former banking executive. The pace of the recovery will depend on the extent of the pandemic in 2021, vaccine rollout in Tunisia and key trading partners as well as measures to mitigate the pandemic’s impact on households and firms. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Note 2: The GDP growth projections for 2021 and 2022 (Constant Prices, Annual % Change) were updated by the IMF in January 2021 Main Sectors of Industry Agriculture is a key sector of the Tunisian economy, accounting for 10.4% of the GDP and employing 12.7% of the workforce (World Bank, 2020). Tunisia's Economic Update — April 2021. Real GDP contracted by 8.8% in 2020 as sharp declines in domestic and external demand followed the pandemic. Tunisia – The hidden champion of Africa’s digital economy Report of the virtual conference on April 22, 2021 6.000 new engineers each year, 40.000 students in technical courses of study – 61 per cent female – and a powerful 4G network nationwide: Tunisia offers a powerful IT market, equipped with knowledgeable experts. TUNIS - Tunisia's Parliament has approved with 110 votes in favor, 21 against and two abstentions, the 2021 budget law with a deficit forecast at 8 billion dinars, or 2.5 billion euros, over 7% of GDP. An 80% decline in passenger arrivals also caused a downturn in tourism and transport. Growth in household and capital spending should boost domestic demand, while the expected return of higher levels of tourism is likely to bolster the external sector. Tunisia has long been praised for relatively progressive social policies, especially in the areas of family law and women’s rights. That would be “a positive signal to lenders and international ratings agencies, facilitate access to international financial markets and mobilize foreign resources,” the regulator said in a statement. January 16 – Prime Minister Hichem Mechichi appointes 12 new ministers. Have a confidential tip for our reporters? Tunisia’s real GDP should rebound and grow 2% in 2021 and 3.9% in 2022, if the pandemic recedes and allows a restart of the global economy, especially in Europe, upon which Tunisia relies heavily. “It is essential to strictly prioritize spending on health and social protection, while exerting control over the wage bill, ill-targeted energy subsidies and transfers to state-owned enterprises,” the lender said after annual consultations with Tunisian officials. January 17 – 2021 Tunisian protests: Thousands take to the streets of Tunis and Sousse as protests turn violent because of economic hardship on the 10th anniversay of the Arab Spring. Tunis Afrique Presse (Tunis) For the moment, Tunisia is the only Arab Spring country that appears to be on a path to genuine democratic governance. Tunisia expects a GDP growth of … CEO of $2 Billion Startup Ousted for Taking LSD at Work, Israel Examines Heart Inflammation Cases After Pfizer Shot, Musk Says Tesla Sold Bitcoin to Prove Liquidity as Cash Alternative, Shipping Containers Fall Overboard at Fastest Rate in Seven Years, Airline With 14,000 Staff for 30 Planes to Cut Half Its Workforce. Inflation is expected to continue to decline over the medium term to around to 5.7% in 2021 and 4.3% in 2022, due to prudent monetary policy. January to April. After this short-term rise, growth is expected to return to a more subdued trajectory, expanding by around 2% by 2023, reflecting pre-existing structural weaknesses and a gradual global recovery from the pandemic. Tunisians have heard such promises before. A decade after Tunisia's revolution, economic troubles remain that cannot all be pinned on the pandemic; 72% say their local economy is getting worse. The demonstrators from mostly urban, working-class backgrounds who took to the streets across much of the country last month had legitimate grievances, Kooli said. 28 April 2021. “Things will get better in Tunisia because this government has decided to take action,” Ali Kooli told Bloomberg Television. The vast majority of Tunisians have seen their economic situation deteriorate. % in 2020 as sharp declines in economic activity amid the adverse effects of a prolonged.! 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