✏️ BY: Dr. Hana Saada
Algiers- Algeria, May 13, 2024 – Algeria’s economy is showing promising signs of recovery, with positive macroeconomic indicators, strengthened foreign and local investment, job creation, and wealth generation, according to President Abdelmadjid Tebboune. In his recent address, the President provided a numerical overview of the nation’s economic achievements in recent years.
President Tebboune highlighted a significant turnaround in Algeria’s economy compared to the previous decade, supported by data from international institutions such as the IMF and the World Bank. Key indicators include a sustainable economic growth rate of nearly 4%, a decrease in the inflation rate from 9.2% to 7% in the first months of the current year, and a GDP of 270 billion dinars.
To achieve these results, the President emphasized the extensive work undertaken since he took office, including the launch of strategic projects to reshape the national economy. He noted a surplus in the trade balance, marking the beginning of a shift away from dependence on hydrocarbons. Algeria exported $7 billion worth of non-hydrocarbon products last year, with a target of over $11 billion for the current year.
In terms of investment, Algeria has undertaken efforts to attract both local and foreign investors. The national investment promotion agency has received over 6,000 investment projects, with 3,000 approved, creating 250,000 jobs. Additionally, 100 foreign investment requests have been submitted through the agency’s digital platform.
Strategic sectors, such as mining, agriculture, industry, and energy are being prioritized for development. Several projects have been launched in the mining sector, including major projects like the Gara Djebilet iron mine, the integrated phosphate megaproject of Bled El-Hadba, and the Oued Amizour zinc mine, expected to be completed by 2027.
The agricultural sector, crucial for food security, is also undergoing significant development. Projects like the construction of the world’s largest milk production farm, covering 117 hectares with a $3.5 billion investment, demonstrate Algeria’s commitment to agricultural growth.
Furthermore, economic reforms since 2020 have led to Algeria transitioning from an importer to an exporter of various products, including construction materials, cement, and clinker. Algerian products are now being exported worldwide, signaling a shift in the nation’s economic landscape and positioning it as a competitive player in global markets.
Translated from:
https://lalgerieaujourdhui.dz/le-redressement-de-leconomie-nationale-par-les-chiffres/
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