✏️ By: Dr. Hana Saada
Algiers, Algeria | July 23rd, 2024 — Algeria is making notable strides in its developmental trajectory, marked by a focus on resilience, innovation, and economic modernization. The country has reached a significant milestone in 2024, as highlighted by the World Bank’s latest annual income classification report, which reveals that Algeria is among the four nations worldwide to transition from a lower-middle-income to an upper-middle-income status. This remarkable advancement is primarily credited to the overhaul of Algeria’s statistical systems, which has provided a more accurate measurement of the nation’s GDP.
Economic Progress and Statistical Reforms
The World Bank’s report, released on July 1, 2024, indicates that the rebasing of Algeria’s GDP, completed earlier this year, played a crucial role in this economic reclassification. The comprehensive revision included expanded investment estimates and enhanced coverage of the informal economy. Kamel Braham, World Bank Resident Representative in Algeria, noted, “The rebasing of the GDP, completed in 2024, allowed for a more accurate assessment of the Algerian economy, and thus, reclassified the country into the category that best reflects its level of economic development.” This adjustment underscores the importance of reliable data in guiding economic policies and reflecting true economic performance.
Despite a 4.1% growth in Algeria’s economy in 2023, the improved income classification was driven by the refined national accounts statistics, which offer a more precise evaluation of the country’s economic health and achievements.
Environmental and Energy Sector Achievements
In addition to economic advancements, Algeria has demonstrated significant progress in environmental management. According to the World Bank’s Global Gas Flaring Tracker report published in June, Algeria achieved the largest reduction in gas flaring worldwide in 2023, marking the third consecutive year of decreased emissions. The country managed to lower flare intensity by 3%, even amid global trends of rising emissions, and reduced oil production by 2%. This success highlights Algeria’s commitment to addressing environmental challenges while maintaining energy sector improvements.
The World Bank has been instrumental in supporting Algeria’s energy sector sustainability through technical assistance focused on developing a viable wind energy program and formulating strategies to enhance renewable energy adoption across various consumer segments. These efforts aim to diversify Algeria’s energy mix and promote sustainable development within the sector.
Climate Resilience and Strategic Collaborations
The World Bank also collaborates with Algeria to enhance resilience against climate change. Algeria faces several natural risks, including floods, earthquakes, and forest fires, which pose significant threats to lives, livelihoods, and economic stability. In partnership with Algeria’s National Delegation for Major Risks, the Bank has developed a comprehensive Diagnostic on Climate and Disaster Risk Management. Additionally, addressing the growing threat of forest fires, the Bank has worked with the General Directorate of Forests to strengthen knowledge and capacities, culminating in a joint report on sustainable forest management aimed at preventing forest fires.
Future Directions and Collaborative Opportunities
Looking forward, Algeria’s priorities in energy, climate resilience, and private sector development present opportunities for deepening the partnership with the World Bank. The Bank’s semi-annual economic reports provide essential insights into Algeria’s diversified growth and serve as a valuable resource for policymakers and stakeholders. Through continued collaboration and improvements in data collection, the World Bank and Algeria are poised to advance their shared goals of sustainable development and economic progress.
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The platform’s excellence was notably recognized with the prestigious President of the Republic’s Award for Professional Journalist in the Electronic Press category on October 22, 2022. This accolade underscores Dzair Tube’s steadfast commitment to the highest journalistic standards.
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