The financial crisis affects the real economy of Mediterranean countries
Unlike Western economies, the global financial crisis has had a greater effect on the real economies of the Maghreb, than on the financial system itself. Depending on the country, this has led to a mix of a slowdown in international trade, an impact on income transfers, a loss of foreign exchange reserves, a balance of payments deficit and an increase in public debt.
Source : https://www.marocafrik.com/english/The-financial-c...
“The crisis has led to difficulties in accessing bank financing and stock markets. Credit represents no more than 19% of funding sources for SMEs and SMIs. 51% of companies use their own cash flow and the stock market barely reaches 2%! according to a report in Econostrum.
The most affected country has been Tunisia, which had strong inflationary pressures. The consumer price index rose 2.2 points in one year. However, economic dynamics in Morocco was supported thanks to a drop in payable collateral (secured by mortgage).
These three countries are bearing the brunt of the crisis in the euro zone”, says Sami Mouley, Professor of International Finance at the University of Tunis and coordinator of the FEMISE research report (FEM34-09), available on the FEMISE website.
Entitled “Economic outlook for Mediterranean Countries in the Post-Global Financial Crisis: Business Survey of SMEs/SMIs in Tunisia and comparative analysis Algeria – Morocco”, the FEMISE report points out that SMEs
and SMIs in the area represent 95% of the economic fabric of the companies. With the extension of credit based on mortgage guarantees and not on the profitability of projects, companies lacking credit have had to forego their investments, slowing growth.
“We have conducted a field survey by industry sector. Paradoxically, it turns out that the sectors most affected by the crisis are those governed by the dismantling of tariffs with the European Union, such as, for example, manufacturing”, added Professor Mouley.
The most affected country has been Tunisia, which had strong inflationary pressures. The consumer price index rose 2.2 points in one year. However, economic dynamics in Morocco was supported thanks to a drop in payable collateral (secured by mortgage).
These three countries are bearing the brunt of the crisis in the euro zone”, says Sami Mouley, Professor of International Finance at the University of Tunis and coordinator of the FEMISE research report (FEM34-09), available on the FEMISE website.
Entitled “Economic outlook for Mediterranean Countries in the Post-Global Financial Crisis: Business Survey of SMEs/SMIs in Tunisia and comparative analysis Algeria – Morocco”, the FEMISE report points out that SMEs
and SMIs in the area represent 95% of the economic fabric of the companies. With the extension of credit based on mortgage guarantees and not on the profitability of projects, companies lacking credit have had to forego their investments, slowing growth.
“We have conducted a field survey by industry sector. Paradoxically, it turns out that the sectors most affected by the crisis are those governed by the dismantling of tariffs with the European Union, such as, for example, manufacturing”, added Professor Mouley.
Source : https://www.marocafrik.com/english/The-financial-c...