Manufacturing Industries Outperforming, But Subject To Eurozone Risks

Industrial production data from Tunisia reveal that the country's Jasmine Revolution has had markedly different effects on the wide array of industries in the economy, and we expect this divergence to continue. With foreign investment still significantly below 2010 levels and domestic banks unlikely to be eager to lend to flagging industries, we expect the relative outperformers of 2011 to continue to outpace those industries that have not yet bounced back from the effects of unrest.

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