- N.C. math whiz to unveil secret of March Madness picks
- An appealing offer: Chiquita merges with Fyffes to make world’s largest banana firm
- Amnesty International says Syria guilty of war crimes for food blockade
- Mitch McConnell on beating tea party: ‘We are going to crush them’
- Adam Lanza’s dad: He would’ve killed me ‘in a heartbeat’
- North Korea holds election: 100% turnout, Kim Jong-un gets — 100% of vote
- Gentlemen, start your drones: Judge’s ruling opens door for commercial use
- Soldier who hid, bragged about not saluting flag to be punished — in secret
- ‘Maverick’ of the seas: ‘Top Gun’ school for U.S. ship officers to launch
- Putin declares Sochi Paralympics open amid Ukrainian protest
After Arab Spring, a recovery summer
TUNIS, Tunisia — After a disastrous year in which revolution, social upheaval and strikes scared away tourists and crippled industrial production, Tunisia’s economy is slowly climbing out of a deep recession that saw it shrink by 2 percent in 2011.
Tunisian economic recovery is vital to the success of the democratic transition of this North African country of 10 million people that touched off the Arab Spring in 2011.
The country, however, needs political stability to allow the economy to recover, while at the same time it needs the economy to calm social tensions.
When fruit seller Mohammed Bouazizi set himself on fire in December 2010 and galvanized a nation, it wasn’t just a dictatorship he was protesting but a dead-end life with no prospect of real jobs — something that is still a problem in Tunisia.
“This fragile political climate and subsequent political noise, which are already embedded in our baseline scenarios, underpin Moody's negative outlook for Tunisia,” said the prominent ratings agency in a report in June that applauded the nascent signs of recovery while expressing concern over social tensions, including riots.
‘A bad signal’
“There is an economic recovery, it is not as strong as we would want, largely because of Europe and also because of the political uncertainty that continues,” Mustapha Kamel Nabli, governor of the central bank, said in an interview shortly before he was fired by the president.
“It gives a bad signal to domestic economic players as well as foreign ones, and that’s not good for the recovery of the economy,” warned Mr. Nabli afterward in an interview with French network France 24, saying he was dismissed for political reasons. “There is a clear will to take control of all the institutions of the state.”
A comeback in tourism
TWT Video Picks
Taxpayers must pay the freight for over-budget train projects
- Kim Jong-un calls for execution of 33 Christians
- Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second
- Investigators puzzle: How does a 777 jetliner just disappear into thin air?
- Russia besieges Crimea as U.S. seeks diplomacy; Putin remains undeterred by Obama's sanctions
- As Crimea falls, Obama takes Key Largo golf vacation, Biden hits Virgin Islands
- Senate Democrats, Republicans spar over restoring unemployment benefits
- CURL: Today's GOP really is Reagan's 'Big Tent' party
- Adam Lanza's dad: He would've killed me 'in a heartbeat'
- Bill Clinton poses for photo with Bunny Ranch prostitutes
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again