Financial Sector in the North African Countries: Current State and Development Prospects

Based on the analysis of statistical data, the article examines the current state of the financial sector in North African countries and assesses the prospects for its further development. The author concludes that from the point of view of the financial sector, the countries under study can be divided into three groups: those with a relatively higher level of development (Egypt and Morocco); those with an average level of development (Tunisia and Algeria), and the ones with a low level of development (Libya, Mauritania, and Sudan). The underdevelopment of financial systems increases the economic instability of North African countries and hampers the implementation of international projects and the expansion of trade relations. In the short and medium term, we should expect rapid growth of the financial sector in North African countries, which will develop intensively as the international cooperation in the region intensifies and deepens. Russia’s participation in this process will allow us to gently guide this development, providing good opportunities to stimulate integration processes and create favorable conditions for cooperation.

financial sector, North Africa, international cooperation, financial system, economic integration, level of financial development, Financial Development Index