✏️ BY: Dr. Hana Saada
Algiers, Algeria | May 31, 2024 — The latest economic outlook report by the African Development Bank (AfDB) unveils an optimistic forecast for Algeria’s economy, projecting a growth rate of 4% in 2024. This represents a notable increase compared to the 2.7% projected in the previous edition of the report for 2023. Additionally, the AfDB predicts a growth rate of 3.7% for the Algerian economy in the subsequent year.
Drivers of Growth
The projected economic expansion is expected to be propelled by several key sectors, including industry, construction, services, and hydrocarbons. Notably, exports are forecasted to maintain a steady increase of 5% in both 2024 and 2025, further contributing to overall economic growth.
Inflation Outlook
In terms of inflation, the report anticipates a downward trajectory, with a projected decrease to 6.8% in 2024, followed by a further decline to 5.7% in 2025. This trend is attributed to an upsurge in agricultural production, which is anticipated to promote price stability across various sectors.
Current Account Stability
Stability in the current account is also foreseen, bolstered by an expected surplus in international hydrocarbon markets. This favorable outlook is anticipated to persist, providing a conducive economic environment for sustained growth.
Political Stability and Economic Diversification
The upcoming presidential election slated for September 2024 is deemed by the AfDB as posing minimal macroeconomic risk, given the perceived stability of Algeria’s national socio-political landscape. Moreover, Algeria’s strategic vision to consolidate economic recovery, enhance the business climate, accelerate digital transition, and develop key sectors such as agro-industry and fisheries is acknowledged as conducive to driving economic growth.
Recommendations
In line with these objectives, the AfDB advocates for continued support for local industries in the short term, along with investments in essential technologies to bolster industrialization strategies, particularly in the realm of the digital economy and digitalization efforts.
Algeria’s economic outlook for 2024 and beyond is characterized by promising prospects, encompassing steady growth, diminishing inflation rates, and stable dynamics in the current account. The government’s steadfast commitment to economic diversification and digital transformation aligns closely with recommendations put forth by international financial institutions. This strategic alignment positions Algeria favorably for sustained economic development and resilience amidst evolving global challenges.
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.
