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World Bank Expects Tunisia’s Economic Growth to Rebound 3.5% in 2022

People queue to receives their coronavirus vaccines at El-Menzah Stadium which was turned into a vaccination center in the Tunisian capital Tunis on August 3, 2021. (AFP)
People queue to receives their coronavirus vaccines at El-Menzah Stadium which was turned into a vaccination center in the Tunisian capital Tunis on August 3, 2021. (AFP)
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World Bank Expects Tunisia’s Economic Growth to Rebound 3.5% in 2022

People queue to receives their coronavirus vaccines at El-Menzah Stadium which was turned into a vaccination center in the Tunisian capital Tunis on August 3, 2021. (AFP)
People queue to receives their coronavirus vaccines at El-Menzah Stadium which was turned into a vaccination center in the Tunisian capital Tunis on August 3, 2021. (AFP)

Tunisia’s economic growth should rebound to 3.5 percent in 2022 and decelerate to 3.3 percent in 2023 compared to 2.9 percent in 2021, according to the latest Global Economic Prospects published by the World Bank.

A surge in COVID-19 cases and political uncertainty throttled the rebound in 2021, the document said.

Economist Jannat bin Abdullah said the economy is affected by the oil prices in the global market. This, in its turn, impacts the trade deficit of the economy.

The Ministry of Finance based the 2021 budget on the reference price of $45, but this figure was proven unrealistic. The country tentatively expected this year’s barrel price to be $75.

Some experts expect the oil prices to exceed this number, and this would negatively affect the economy, said bin Abdullah.

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Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
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Saudi Finance Minister: Int’l Institutions Need Unified Standards for Measuring National Income  

Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 
Saudi Minister of Finance Mohammed Al-Jadaan during a panel discussion at Davos. (Davos) 

Saudi Minister of Finance Mohammed Al-Jadaan has called for the development of methods to measure gross national income (GNI) that better reflect the true realities of economies, especially in emerging countries.

During a panel discussion at the World Economic Forum in Davos, titled “New Approaches to Measuring GDP Growth,” Al-Jadaan emphasized the need for international institutions to adopt unified and robust standards for measuring national income.

He noted that achieving this objective requires designing collaborative programs with various countries to enhance data accuracy and analyze it in a more comprehensive manner.

The minister pointed out that traditional methods for measuring GDP might no longer suffice in the current global context, urging the adoption of new tools and standards capable of measuring economic growth in line with the rapid global changes.

Al-Jadaan stressed that improving measurement mechanisms would boost the efficiency of international institutions in providing support and advice, foster sustainable development in emerging economies, and contribute to achieving economic equity on a global scale.