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13 October 2017, 10:44 | Glen Norman
President of the World Bank Group Mr. Jim Yong Kim
Tunisia is set to reach 2.3% growth by the end of the year, in line with World Bank forecasts, the International Monetary Fund (IMF) has said.
Significantly from a European perspective, strong growth in the eurozone area, along with improved forecasts for China, Russia and Japan, helped to offset slightly gloomier predictions for Britain, the U.S. and India.
The IMF expects Morocco's economy to grow around 4.8% in 2017 and 3% in 2018. "Growth was driven mainly by the services sector (4.0 percent) while industrial output contracted by 6.6 percent and non-manufacturing industries (i.e., phosphate, oil) contracted by 1.9 percent, with extractives below historical levels due to social movements in mining regions".
The IMF also urged Chinese authorities to counter the associated risks by accelerating the "recent encouraging efforts to curb the expansion of credit".
Its latest World Economic Outlook predicts strengthening economic growth globally, building on healthy data from the first half of 2017.
Projected growth rates for China have been upgraded all the way to 2022, on the assumption that the Chinese Communist Party maintains its current economic policies.
In comparison, China's GDP growth has kept slowing down since 2010 and hit a 26-year lowest with 6.7% last year.
After having estimated in April that Macau would see its real gross domestic product (GDP) grow by 2.8 per cent and 1.7 per cent for this year and next, the International Monetary Fund considers now that the MSAR would register a 13.4 per cent growth this year and a 7 per cent increase in 2018.
The government will publish third-quarter growth data on October 19. If this year's growth does beat 6.7 percent, it would mark the first rebound in seven years.
But it was less optimistic on the country's long-term prospects, citing the shrinking Japanese labour force.
Growth forecasts in the USA, UK and India have been revised downwards.
Reviewing the problems of the Tunisian economy, namely, the low economic growth and a sharp rise in public spending including wages, combined with delays in implementing key reforms, the high unemployment, the WB estimated that the national unity government -a coalition of the main political parties and social partners-was formed a year ago, to tackle the needed reforms, but identifying a first move has proven hard.
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