Republic of Tunisia - Development Policy Review : Making Deeper Trade Integration Work for Growth and Jobs
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Washington, DC
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Given a steady pace of structural
reforms, and sound macroeconomic management, Tunisia
experienced a fast, and sustained growth. However, while
forward-looking policies helped preserve external and
internal balances, challenges remain in the context of a
volatile external environment. High and pro-poor growth,
contributed to a sharp reduction in poverty in the second
half of the 1990s, yet, despite strong growth, unemployment
remains high, at around 15 percent, partly reflecting
demographic pressures, and partly the decrease in the
employment intensity of growth. Moreover, weaknesses in
economic governance, in particular regarding the
predictability, and transparency of the regulatory
framework, and market contestability, may be an important
constraint to private investment. Tunisia faces a turning
point where, unless coordinated efforts to improve the
quality of economic governance, and stimulate private
investment are placed at the core of the reform agenda, the
deeper engagement with the world, may not fulfill its
development promise. Policies will be needed to make
Tunisia's deeper trade integration work for growth, and
jobs: Strengthening the investment climate, by improving
economic governance; Improving the functioning of the labor
market; Strengthening the soundness of the banking system
and fostering the development of securities markets;
Securing a robust medium-term fiscal framework; Enhancing
the efficiency of education policies; Strengthening the
effectiveness and sustainability of social sector policies;
Lowering transactions costs for business entry, operation,
and exit; Enhancing transparency and predictability of the
regulatory framework; Enhancing market contestability, by
reducing barriers to entry in key infrastructure services -
and by strengthening competition policy - furthering
Tunisia's international trade integration. The Tunisian
banking sector has better room for dynamic growth, thanks to
a gradually reduced government ownership, in spite of high
non performing loans. Education is one of the principal
pillars of Tunisia's strategy for development, as it
aims to build the human capital necessary to compete in the
global knowledge-based economy.
Palabras clave
STRUCTURAL REFORMS, DEVELOPMENT POLICY & PLANNING, MACROECONOMIC POLICY, GROWTH PROMOTION, TRADE INTEGRATION, EXTERNAL SHOCKS, UNEMPLOYMENT RATES, DEMOGRAPHIC INDICATORS, ECONOMIC IMPLICATIONS, MARKET DOWNTURNS, REGULATORY FRAMEWORK, PRIVATE INVESTMENTS, ECONOMIC POLICY & PLANNING, GOVERNANCE CAPACITY, REFORM POLICY, JOB CREATION, LABOR MARKET NEXUS, BANKING SYSTEMS, SECURITIES MARKETS, FISCAL POLICY, SOCIOECONOMIC CONDITIONS, BUSINESS ENVIRONMENT, TRADE BARRIERS, INFRASTRUCTURE DEVELOPMENT, COMPETITION POLICY, HUMAN CAPITAL