Government seeks to achieve growth rate of 3% in 2018 (draft economic budget) | Tunisia News Gazette

Government seeks to achieve growth rate of 3% in 2018 (draft economic budget)

The Chahed government seeks to achieve a growth rate of 3% in 2018, against 2.2% expected for the whole year 2017, to have an inclusive growth that allows a fair distribution of wealth and creating more jobs, according to the draft economic budget document presented Tuesday.

The government plans to reach this rate based on growth in the agriculture and fisheries sector of 5.5% (compared to 2.3% forecast in 2017), manufacturing industries of 5.3% (against 3.5% estimated for the current year) and non-manufacturing industries of 2.4% (against 3.4% in 2017).

With regard to market services, forecasts are for a growth of 2.7% in 2018 compared to +3.4% in 2017, with the growth of non-market services by 0.7%.

According to the draft economic budget document, 2018 will be a decisive year in several fields including the launch of a new phase of inclusive and sustainable growth to complete the process of economic transition and accelerate the pace of structural reforms, in order to restore confidence in the national economy.

The economic budget also aims to restore the rule of law, affirming a strong will to combat all forms of corruption, smuggling and parallel trade.

The draft economic budget prepared by the government of Youssef Chahed, seeks to reduce the current account deficit from 9% (according to forecasts for 2017) to 8.2% of GDP.

According to the document, the inflation rate is expected to increase from 5.2% this year to 5.8% next year.

The investment is expected to edge up by 13% in 2018, to reach the volume of 21.395 MD, the equivalent of 20.1% of GDP.

Forecasts project a mobilisation of nearly 3.350,6 MD for foreign direct investment, compared to 2.530 MD planned for 2017.

Tunisia, which since 2011 has identified solutions to overcome its crisis, has only been able to achieve a very low growth rate of less than 1% over the last six years, which keeps the unemployment rate at 15.3%, due to the regression of private investment and the persistence of social unrest.

Source: TAP News Agency

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