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December 8, 2024 | 1 month ago

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National economy: top marks from the World Bank

Yesterday, Ousmane Dione, Vice-President of the World Bank (WB) for the Middle East and North Africa (MENA) region, reaffirmed that “today, Algeria's economic situation is sound and healthy”.

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World Bank hails Algeria's economic progress

Speaking on national radio, the World Bank's vice president for the MENA region highlighted the positive developments in the Algerian economy. Since 2021, the country has recorded sustained economic growth, fluctuating between 3.9% and 4%, and a positive current account balance since 2022. Foreign exchange reserves now cover 16 months of imports.

Algeria has also brought inflation under control, making local prices more affordable by world standards. State interventions to preserve citizens' purchasing power have contributed to a widening budget deficit, but the WB representative welcomed this policy in the current context.

Nevertheless, he stressed the need to accelerate economic diversification, exploiting sectors such as agriculture, tourism and digital, while strengthening human capital and promoting the private sector. This strategy, he said, was essential to transform the national economy and expand the middle class.

Finally, he highlighted the strategic role that Algeria can play in the economic development of the African continent, by becoming a driving force for investment and trade.

December 8, 2024 | algeria-logo

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