✏️ BY: Dr. Hana Saada
Algiers, Algeria | May 23, 2024 — The World Bank (WB) highlighted the dynamism of the Algerian economy and the decline in its inflation rate, recommending investment in data to support the country’s efforts toward sustainable and diversified growth. In its latest economic monitoring report on Algeria, published on its website, the WB noted the dynamic economic growth of the country in 2023, with a GDP increase of 4.1%, predicting that growth will remain “robust” in 2024, driven by the “continued dynamism of the non-hydrocarbon sector.”
“Economic activity has been boosted by dynamic private consumption and strong investment growth,” explains the global financial institution, while hydrocarbon production has been supported by a “record” production of natural gas. Regarding inflation, the growth in consumer prices moderated to 5.0% in the first quarter of 2024, down from 9.3% in 2023, “thanks to a strong dinar and lower prices for agricultural products and imports,” the report notes.
The report emphasizes the importance of recent reforms in Algeria and the need to accelerate diversification by supporting private investments in the non-hydrocarbon sectors. In this regard, the WB noted that various recent economic reforms in Algeria, such as the 2022 Investment Law, the 2023 Monetary and Banking Law, formal adherence to the African Continental Free Trade Agreement, the 2023 Economic Land Law, and the launch of public bank reforms, should help stimulate private investment to promote diversification.
Moreover, the document highlights the “strategic” importance of data to inform public policies and the potential of “alternative” data sources to track economic developments in real-time in Algeria. “In 2022 and 2023, Algerian authorities accelerated digitization efforts and placed the strengthening of data systems as a national priority,” commented Kamel Braham, the World Bank’s resident representative in Algeria, as cited in a statement published on the Bretton Woods institution’s website. He added that in addition to supporting public policy formulation, “robust economic data reduces economic uncertainty and supports investment, growth, and diversification.”
Key Takeaways:
– Economic Growth: Algeria’s GDP grew by 4.1% in 2023, with robust growth expected to continue in 2024, driven by non-hydrocarbon sectors.
– Inflation: Consumer price inflation moderated to 5.0% in Q1 2024, down from 9.3% in 2023, due to a strong dinar and lower agricultural and import prices.
– Reforms and Diversification: Recent economic reforms aim to boost private investment and diversify the economy away from hydrocarbons.
– Data and Digitization: Strengthening data systems and leveraging alternative data sources are strategic priorities to reduce economic uncertainty and support sustained growth.
The World Bank’s positive outlook and recommendations underscore the potential for Algeria’s economy to achieve sustained and diversified growth through strategic reforms and data-driven policy making.
About Dzair Tube Media Group
Dzair Tube has firmly established itself as a prominent player among Algerian digital news sites, offering a diverse and enriching content experience. The platform, available in Arabic, French, and English editions, captures the attention of a wide-ranging audience, amassing over half a million daily clicks.
A testament to its commitment to excellence, Dzair Tube received the prestigious President of the Republic’s Award for Professional Journalist in the Electronic Press category on October 22, 2022. This recognition underscores the platform’s unwavering dedication to upholding the highest standards of journalism.
With a significant online presence, Dzair Tube boasts 350,000 subscribers on YouTube, over five million followers on various Facebook pages, and 450,000 subscribers on Instagram. Its digital channel has become a hub for diverse programming, covering news, sports, entertainment, culture, and religion, catering to a broad spectrum of audience preferences.
Equipped with state-of-the-art studios and advanced technology, Dzair Tube’s digital channel has garnered substantial viewership for its varied programs. Hosting interactive discussions with influential figures across different domains, the platform actively fosters public discourse and engagement. Beyond news coverage, Dzair Tube extends its commitment to the production of marketing documentaries, short TV commercials, and high-viewership programs.
The success of the print edition of Dzair Tube’s sports newspaper, “Dzair Sport,” further highlights the platform’s impact, with over 50,000 daily downloads from the official Dzair Tube website.
Honored with the Media Leadership Award from the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the landscape of Algerian digital news, maintaining a position of influence and impact in the media industry.
