In its latest report on Tunisia, the World Bank points to a deficit in the current account (CA) of about 7.9% of GDP (slightly lower than in 2012, which reached 8.1%), due the limited recovery of manufacturing exports, the effects of fiscal stimulus and international commodity prices which are still very high. ”
“While total exports increased in early 2013, industrial exports have stagnated. Moreover, the tourism sector is negatively affected by the increasing political tensions and security concerns. However, exports and tourism could be stimulated by the recovery of the European economy in 2014, assuming political stability in Tunisia.”
However, “the risks associated with a high level of current account deficits could be mitigated by the gradual recovery of FDI flows and capital resulting from the privatization or sale of property confiscated in 2013 and 2014, as well as official external borrowing.
International reserves will recover only a gradual manner over the next few years, “still according to the WB.