The economic recovery is gaining strength in Algeria and the gross domestic product, which increased by 3.6% in 2022 and 4.2% in 2023, should be 4.0% in 2024 and 3.7% in 2025, according to the 2024 Country Report of the African Development Bank Group, which will be officially presented in mid-September in Algiers.
According to the report, Algeria’s economic growth is supported by the hydrocarbon, industry, construction and services sectors. The evolution of employment shows a migration towards the services sector to the detriment of agriculture and manufacturing, underlines the report which indicates that the structure of the GDP has not fundamentally changed and the country should deepen reforms to accelerate the structural transformation of its economy.
“The reform of the global financial architecture is an opportunity for Algeria to position itself as a donor country to support the development of other African countries in their development program,” said Mr. Lassaad Lachaal, Country Manager of the African Development Bank for Algeria.
The reform of the international financial architecture can be an opportunity for Algeria to position itself as a donor country to support the development programs of other countries in Africa, the report states. In 2023, Algeria joined the group of donors contributing to the financing cycle of the African Development Fund, under ADF-16. The country, which has also allocated an envelope of one billion dollars to finance development projects in Africa, will however need additional resources to support actions in favor of climate preservation and green growth initiatives.
In the short term, additional financial resources for Algeria’s structural transformation could come from an improvement in the mobilization of domestic resources and a strengthening of the sustainability of public finances, the document underlines.
The report, which is intended to deepen policy dialogue on macroeconomic performance and outlook and serve as an indispensable tool for policymakers, governments and development partners, will be officially presented to government officials, the private sector, technical and financial partners, researchers and academics, as well as the media in mid-September 2024, at the Bank’s local headquarters in Algiers.
The theme of the report is aligned with that of the African Economic Outlook 2024 continental report entitled: “Driving Africa’s transformation through reform of the global financial architecture”.
Distributed by African Media Agency (AMA) on behalf of the African Development Bank.
Source : African Media Agency (AMA)
2024-08-16 10:37:16
#Algeria #African #Development #Bank #predicts #Country #Report #gross #domestic #product #
