Getting it Right in North Africa
North Africa's economies have contracted in recent months, as the popular revolts in the region have caused a sharp drop in tourism revenues and disruptions of production and trade. On the other hand, the longer-term gains of social and political change will be positive, as predatory corruption and limitations on individual and economic liberties are eliminated.
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TUNIS – Like a long dormant volcano that suddenly erupts, the revolutions that have swept across North Africa – against a backdrop of strong economic performance – took all by surprise. Prior to the explosion, average annual GDP growth in the region had been humming along at 4.6% for a decade, with strong improvement in human development indicators.