We have 812 guests and 1 member online
|
|
Economics
|
|
Monday, 28 December 2009 17:48 |
Tunisia (Tunis) - According to a Tunisian Expert, global financial crisis has had no impact on the structure of Tunisia’s financial sector, thus testifying to the soundness of Tunisia’s decision to opt for a cautious monitoring of the situation at the international financial level.
On the other hand, “Tustex”, the Tunis stock exchange index (TUINDEX) has recorded a growth rate of 3, 16% to reach currently 46, 55%, according to the Tunisian Stock Exchange website.
The volume of transactions recorded a significant increase totaling 46, 485 million dinars.
Among the top performers, is the Industrial Electric Equipment Company (SIAM) has posted a sharp increase rate of 26, 25%.
In October 2009, the Tunis stock exchange has witnessed a double digit growth (+12, 04) along with 12 other countries in the world, earning it 6th rank in a rating released by the “Bespoke Investment group”.
In general, the year 2009 experienced the worst world financial and economic crisis since World War II. Tunisia, unlike the overwhelming majority of the world countries, managed not only to create wealth but also to strengthen its capacity to withstand the exogenous shocks. This performance is recognized internationally. The various world institutions are unanimous in stressing that "the Tunisian economy tried its utmost to resist the crisis."
International Monetary Fund (IMF) Deputy Managing-Director Murilo Portugal stated that Tunisia in spite of the world crisis, managed to bring down its public debt and doubtful debts, to increase its currency reserves and the volume of direct foreign investments (DFIs).
He said that it does not come as a surprise, the country is thus reaping the fruits of its reform policy and the measures taken in due time in order to cushion effects of the crisis. Mr. Portugal added that this does not mean that the country is spared by the crisis, whose impact was mainly felt at the level of exports and tourism.
The various financial reforms allowed banks to continue their efforts in financing the economy as current loans increased from 4,176 MD in 1986 to 27,100 MD at the end of 2007. These credits benefited all sectors of the economy including agriculture (8.8%), industry (29.7%) and service 61.5% (of which tourism with 10.8%).
In order to meet the expectations of customers, the number of branches has been increased and rose to 1060 in 2007, which means one branch for every 9,600 inhabitants.
Within the framework of the development of the electronic banking system development, the majority of banks’ branch offices have been equipped with cash dispenser machines thus increasing their number to 1,100 in 2007. The number of banking cards rose to 1.3 million cards, i.e. one card per 7 inhabitants. The number of electronic payment terminals TPE reached 8,577 during the same period.
Banks’ efforts have intensified for the mobilization and diversification of saving products. As a result, customers’ deposits increased from 2,762 MD at the end of 1986 to approx. 25,270 MD at the end of 2007.
In another connection, challenges are still posed to the country, notably regarding consolidation of public funds, reduction of unproductive debts and employment of the higher-graduates.
As regards the evaluation of the situation in Tunisia, IMF takes into consideration the Tunisian proposals regarding internal reforms of the Fund.
As to these proposals, they concern notably the flexible funding line proposed to emerging countries. This line opens up broad prospects for countries which are in need, mainly of guarantees to support some reforms, such as the total convertibility of the dinar.
Tunisia expresses the will to reinforce its co-operation with IMF, notably in the fields of Tunisian skills' training and their participation in technical co-operation missions in third countries.
The reactions of the Tunisian authorities in the face the impact of the world financial crisis and the decisions and measures taken at the initiative of the Head of State mitigate the impact of the crisis on growth and employment.
The continuous reforms helped the country face up the difficult world economic juncture and achieve a 3-per-cent growth rate, while economies of several other countries recorded negative ones.
The efficiency of the banking and financial sectors whose indicators contributed to forge ahead in keeping under control the classified debts, boosted the financial assets of the sector and improved its services.
The prospects of its evolution, as part of the 2009-2014 presidential programme introduced several reforms to improve the sector's efficiency and boost its contribution to the economy's development.
As regards the international context, the prospects for improving the world economy whose growth will not record notable improvement, despite starting revival registered during recent months, the dangers that threaten this resumption are still here, notably the rising public debts, especially in the developing countries and excessive rise of unemployment.
The Legatum Institute’s report points, in particular, to the important role of good governance and its contribution to economic progress, by underlining that “countries that have a good governance system are most likely to benefit from healthy economic foundations and an entrepreneurial culture.”
The Report also emphasises the inextricable link between security and prosperity, indicating, in this regard, that “security is both cause and consequence of overall prosperity and that a safe nation helps its citizens blossom with no fear at all.”
Tunisia, a country that has accepted to submit its economy to the various international specialised bodies’ assessment, has always been able to distinguish itself in several sectors of activities.
In 2009, for instance, Tunisia earned good ratings on the world scale, particularly in matters of competitiveness, resistance to the crisis, promotion of information and communication technologies (ICT) and quality of life.
The annual report of the World Economic Forum on Global Competitiveness (2009-2010) ranked Tunisia on top of the African countries and 40th in the world out of a total of 133 surveyed countries.
This ranking is set on the basis of twelve quantitative and qualitative pillars: institutional environment (legal and administrative framework), macro-economic stability, infrastructure, health and primary education, innovation, market efficiency (financial, labour and goods), technological readiness, market size, business sophistication, higher education and training.
On the African scale, Tunisia did better than South Africa (45th), Egypt (70th), Morocco (73rd), Algeria (83rd).
Compared with the European countries, Tunisia comes ahead of such countries as Portugal (43rd), Poland (46th), Slovakia (47th), Italy (48th), Hungary (58th), Turkey (61st), Romania (64th) and Greece (71st).
By headings, Tunisia ranked 5th at the world level in matters of good management of public spending, 7th in quality scientific higher education, 8th in costs of agricultural policy, 9th in availability of scientists and engineers and 11th in protection of speculators’ interests.
Tunisia also won a very good score in the area of macro-economic stability (55th). Thus, it went up by 20 places compared to last year’s ranking (75th).
The “Bespoke Investment,” a global report on countries’ capacity to resist the international financial crisis, ranked Tunisia at the 6th place out of a total of 82 countries.
This report accounts for this good rating to the lack, in the Tunis Stock Market, of “poisonous” products in portfolios of Tunisian banks and absence of speculative investment funds.
This good score, the report reckons, has to do with Tunisia’s option in favour strategic productive investments, utilising participation of foreign banks in the capital of local banks, such as those of BNP Paribas (France) in the capital of the « Union Bancaire pour le Commerce et l’Industrie » (UBCI), of « Société Générale » (France) in the capital of the “Union Internationale des Banques (UIB) and Attijari Wafa Bank (Morocco) in the capital of Attijari Bank.
The same report also highlights the exceptional measures taken in due time to assist during the whole year 2009 companies that saw their activities slow down as a result of the crisis and appropriate a budget fund to this effect.
Tunisia was ranked on the top of Arab countries in matters of quality life, by Irish “International Living” Association,” an observer of living quality in the world.This 2009 ranking is set on the basis of ten criteria that relate to the environment of life and health of people cost of living, economy, environment, culture, leisure, health, infrastructure, risk, security and climate. Each country is graded out of 100 points on each criteria.
Graded 56 out of 100, Tunisia ranks ahead of Morocco (55 pts), Lebanon and Jordan (54 pts), Bahrain (51 pts), Egypt and Syria (50 pts).
Tunisia was ranked 69th out of 183 countries by “Doing Business,” an annual report conducted by the World Bank on business environment.
With this score, Tunisia moves up 4 ranks compared to last year’s ranking ( 73rd).
This ranking was set on the basis of several criteria. The first assesses conditions for creating companies (number of necessary procedures to set up a company or register a commercial property, etc.).
According to this criterion, Tunisia remains competitive compared to countries of the Middle East and North Africa (MEAN) region. (TAP)
Global Arab Network
|
Add comment
|
|
Arabic Site
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network