The economist Aram Belhaj: the trade deficit is now structural, not a shock

After the INS figures for July, a deficit of 14,957.6 million dinars against 11,904.2 million a year earlier, the economist Aram Belhaj warns that the picture can no longer be explained by temporary external shocks. The import cover ratio has fallen to 73.1 percent from 79.4, the energy deficit alone accounts for 7,946.1 million, and the non-energy deficit has almost doubled in two years. He writes that the deterioration calls for heightened vigilance and urgent structural reforms, and describes the central bank's administrative measures as crisis management rather than reform.

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