Algeria Ranked as Africa’s Leading Economy in IMF Report: Exceptional Growth, Investment, and Energy Dominance

BY: Dr. Hana Saada

Algiers, Algeria | January 05th, 2024 — Algeria has been declared the largest economy on the African continent, according to a recent report by the International Monetary Fund (IMF). This remarkable achievement is attributed to the nation’s substantial economic growth, enhanced employment rates, and improved living standards, positioning Algeria at the forefront of North African economies.

The IMF report highlights Algeria’s impressive ascent as the third fastest-growing economy among Arab countries in 2024. The nation’s gross domestic product (GDP) surged to $240 billion, reflecting a 64% increase over the past four years. Projections suggest Algeria’s GDP will continue its upward trajectory, reaching an estimated $400 billion by 2027, solidifying its economic influence regionally and globally.

Key contributors to this economic surge include a robust investment climate, with Algeria attracting over 100 new investment projects valued at $31 billion in the past year alone. This influx of capital underscores the government’s strategic focus on economic diversification and modernization, as well as policy reforms aimed at facilitating foreign and domestic investments.

Algeria has also made significant strides in foreign trade, with non-hydrocarbon exports climbing to $7 billion, a substantial rise expected to reach $28 billion within the next six years. These figures reflect the nation’s concerted efforts to reduce dependency on hydrocarbon revenues by expanding into various industrial and agricultural sectors.

In the energy domain, Algeria continues to reinforce its dominance as Africa’s leading natural gas producer and ranks tenth globally in gas output. The country also holds the position of the third-largest supplier of natural gas to Europe, further emphasizing its strategic importance in global energy markets.

This sustained growth and economic transformation underscore Algeria’s emergence as a pivotal player in the African and global economic landscape, with continued reforms and strategic investments propelling the nation toward unprecedented milestones in the coming years.

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