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Tunisia is small open economy with strong ties to Europe. Several years of political turmoil have put the country into a fragile position. Recession in 2020 was severe. The pandemic has exacerbated structural weaknesses, in particular low investment and job creation, high unemployment and informality. The policy room to manoeuvre is limited (huge government debt and wage bill, significant external imbalances). Reviving the economy will prove to be challenging despite a well-educated labour force and a relatively diversified manufacturing base.