Banking in Tunisia
Tunisia is known for economic and political stability, its highly educated workforce, while Islamic radicalism is weak. Tunisia does not have the resource curse of oil or mineral deposits that often determine instability. From 2000 to 2009, Tunisia grew at an annual rate of 5.2% and its per capita income of about $8,300 (in PPP terms) in 2009 was second only to Lebanon among the oil-importing MENA countries. The stability of the Tunisian Dinar and historically low inflation in Tunisia are positive indicators for its potential development of financial services. Inflation was 4.9% in FY 2007-08 and 3.5% in FY 2008-09. The Tunisian Dinar was less volatile in 2000-2010 than the currencies of its oil-importing neighbors, Egypt and Morocco.
History of modern Tunisia
As president, Ben Ali championed economic reforms that strengthened Tunisia's economy and increased foreign investment. After he ascended to the office of President, Tunisia's per capita GDP more than tripled from $1,201 in 1986 to $3,786 in 2008. Although, growth in 2002 slowed to a 15-year low of 1.9% due to drought and lackluster tourism, better conditions after 2003 helped push growth to about 5% of GDP. For about 20 years after 1987, the GDP annual growth averaged nearly 5%. A report published in July 2010 by the Boston Consulting Group ("The African Challengers: Global Competitors Emerge from the Overlooked Continent") listed Tunisia as one of the African "Lions" and indicated that the eight African lions account for 70 percent of the continent's gross domestic product.