Algeria’s Economic Growth and Ambitious Future Under President Tebboune’s Visionary Leadership: Charting a Path to Emerging Markets

✏️ BY: Dr. Hana Saada

Algiers, Algeria | August 22nd, 2024 — Algeria is experiencing a transformative period of economic growth, positioning itself as a potential emerging market. Over recent years and under the visionary leadership of President Abdelmadjid Tebboune, the country has pursued substantial reforms and investments, resulting in a notable growth rate of nearly 4%, even amidst global economic uncertainties. The government’s announcement of an increased Gross Domestic Product (GDP) to $270 billion, paired with a stable dinar and resilient 4% growth, highlights Algeria’s ability to adapt and thrive.

Central to this growth is the establishment of the Algerian Investment Promotion Agency (AAPI), which has been instrumental in improving the business climate. AAPI’s success is reflected in the launch of 3,000 projects and the registration of around 100 foreign investments, all contributing to the creation of nearly 200,000 jobs. These developments have reaffirmed Algeria’s credibility on the international economic stage.

Agricultural self-sufficiency is also within reach, with Algeria making significant strides toward becoming self-sufficient in oil and sugar production. Efforts to increase cereal production are ongoing, and a $3.5 billion joint venture between Algeria and Qatar to produce milk powder is set to further boost the country’s dairy sector.

Moreover, Algeria’s Gross National Income (GNI) per capita has risen from $3,900 to $4,960, according to the World Bank. This surge, along with an upgrade in Algeria’s economic outlook by both the World Bank and the IMF, attests to the effectiveness of the country’s reforms and robust financial policies, particularly during the COVID-19 pandemic.

Key initiatives, such as a new investment code, a revamped banking law, and the introduction of Islamic and green finance, have broadened Algeria’s financial landscape. Significant projects, like the exploitation of the Gara Djebilet iron ore deposit—estimated to generate over 20,000 jobs and transform Algeria’s heavy industry—are crucial in driving this economic revitalization.

The steel industry has seen considerable growth, with the Algerian Qatari Steel (AQS) complex in Jijel on track to produce 1.9 million tons of steel products by 2024. Similarly, the Tosyali Algeria steel complex achieved a milestone with the export of 25,000 tons of steel plates, marking Algeria’s entry into the international steel market.

Algeria’s agricultural sector is also receiving a boost from international partnerships. A €420 million Algerian-Italian mega-project in Timimoune will produce cereals and legumes across 36,000 hectares, creating thousands of jobs and establishing processing units for pasta production and storage.

These economic achievements indicate that Algeria is well on its way to becoming an emerging market economy. Through strategic reforms, targeted investments, and a commitment to diversifying its economy, Algeria has laid a solid foundation for future prosperity and growth.

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