BCT annual report: 2017 poised to be year of economic recovery | Tunisia News Gazette

BCT annual report: 2017 poised to be year of economic recovery

2017 is poised to be a year of economic recovery. Q1 growth figures (a year-on-rate of 2.1% against 0.7% last year) point toward a pick-up in activity for the rest of the year, especially with a promising tourist season .and mining production resuming, reads the 2016 report of the Central Bank of Tunisia (BCT).

This analysis is reinforced by the completion of the first review of Tunisia’s IMF Extended Fund Facility and the payment of the second tranche.

Six years after the Revolution, Tunisia is still going through those same -and even increased- economic hardships, writes Governor Chedly Ayari in his introduction to the report.

Economic relaunch is lagging behind partly because of a generally unfavorable international and regional context as well as destabilising domestic factors, particularly social and political ones,he said.

There is need to lay emphasis on worsening indicators in 2016: a sluggish economic growth (1% against 1.1% in 2015), the State budget deficit (6.1% of the GDP) and the current account deficit (8.8 % of the GDP).

Considering the situation, there is to introduce a new dynamic in the reform process defined by authorities in collaboration with partner international institutions.

The monetary policy adopted by the Central Bank was prudent; the key rate was left unchanged till April 2017 before the bank raised it by a total of 75 basis points.

In spite of signs of recovery in 2017, there are risks of economic vulnerability. Tunisia needs to speed up the reform process, increase economic governance and cooperation with partner international institutions and improve the business climate, Ayari highlighted.

Source: TAP News Agency

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