Friday, January 9, 2009

Tunisia economy weathers global crisis well

Oxford Business Group reveals Tunisian economy has had robust 2008 thanks to economic reforms.

– Oxford Business Group, one the leading publishers of economic and
political intelligence on The Middle East market, hailed Tunisia’s
strong economic performance of the year 2008 despite the global
economic turmoil.

2008 has turned out to be a
surprisingly robust year for the Tunisian economy amidst the turbulent
background of the global economic crisis, according to Oxford Business
Group report.

Given the measured and
steady manner in which the country tends to implement fundamental
economic reforms, 2008 has seen a significant amount of progress
towards greater privatisation and liberalization

On a macroeconomic level,
Tunisia has posted healthy growth numbers whilst managing to keep a lid
on inflation. GDP growth in 2008 averaged 5.1% - lower than 2007's
6.3%, but a strong showing nonetheless, particularly given the slowdown
in the Eurozone, Tunisia's largest trading bloc. Furthermore, in spite
of massive rises in commodity prices - from building materials to
foodstuffs - inflation came in at a modest 5%, compared to record rates
in excess of 12% in other regional countries such as Egypt or Jordan.

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