Tebboune: Algeria will invest and produce more in natural gas (Reuters)
Algeria aims to maintain the economic growth rate at the 4.2% level achieved last year, with expectations that the gross domestic product will rise by the end of 2026 to $400 billion.
Algerian President Abdelmadjid Tebboune said, in an interview with media broadcast on Saturday evening, that the government is working to reduce the inflation rate, which currently ranges between 7% and 8% to 4%.
He revealed that the secret to the high budget (about $110 billion for 2024) is employment and launching major projects in public works, water, and other sectors. He went on to say that investment is continuing and the projects that have been launched are the base that will help increase wages by enhancing production.
Tebboune stressed that Algeria “will invest and produce more in natural gas,” stressing that the world still needs gas.
The IMF attributed the growth of the Algerian economy to the recovery of hydrocarbon production and the performance of the industrial, construction and services sectors (Reuters)
Positive future outlook
Two days ago, the International Monetary Fund said that Algeria's outlook is generally positive in the near term, but inflation remains a source of concern.
The Fund added in a statement issued on Friday that estimates indicate that the Algerian economy will grow by 4.2% in 2023 thanks to a recovery in hydrocarbon production and strong performance in the industrial, construction and services sectors.
The IMF said, after concluding its discussions with Algeria under Article Four of its founding agreement, that Algeria's real growth is expected to remain strong in the current year, at 3.8%, supported by reasons including large financial spending.
The Fund stated that Algeria's medium-term economic prospects depend on efforts to diversify the economy and the ability to attract private investment, which faces various risks.
Source: Agencies