HomeNewsTunisia: EBRD revises country’s growth forecast downwards to 2.5% in 2023

Tunisia: EBRD revises country’s growth forecast downwards to 2.5% in 2023

The European Bank for Reconstruction and Development (EBRD) has revised its economic growth forecast for Tunisia downwards to 2.5% in 2023, compared to 2.9% in its report published in September 2022.

In a report on the regional economic prospects published on Thursday, the EBRD said the main risks to Tunisia’s prospects stem from the delay in implementing reforms, the deterioration of the political situation, rising food and energy prices and “weak demand from Europe”, Tunisia’s main economic partner.

According to the European Bank, the final conclusion of an agreement with the International Monetary Fund (IMF) could provide Tunisia with “much-needed” financing and technical assistance and “increase its credibility” to “embark on needed reforms”.

After expanding by 4.3% in 2021, Tunisia’s GDP growth slowed to 2.6% in the first three quarters of 2022 as activity in the construction, mining and industrial sectors contracted, despite a recovery in tourism, transport and agriculture.

As for the prospects in the southern and eastern Mediterranean region, economic growth is expected to pick up in 2023, reaching 4 per cent in 2023 and 4.2 per cent in 2024, as agricultural output recovers and much-needed structural reforms progress, the EBRD said.

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