Category: Economy | Date Published: Saturday, December 7, 2024 | Author: Nor-Eleslam
The Vice President of the World Bank for the Middle East and North Africa, Mr. Osman Dion, commended Algeria for its significant economic progress during an interview on Political Discussion on Channel 3 of Algerian Radio. He emphasized that Algeria’s economy has shown remarkable recovery since 2021, with steady growth and promising indicators.
Steady Growth and Economic Stability
Mr. Dion noted that Algeria’s economic recovery post-COVID-19 has been robust, with annual growth rates ranging between 3.9% and 4%. This growth is attributed largely to hydrocarbon exports but is also supported by efforts to diversify exports beyond hydrocarbons.
He highlighted Algeria’s current account surplus since 2022 and the increase in foreign exchange reserves, now covering 16 months of imports. These factors indicate a strong and stable economic foundation.
Inflation Control and Social Policies
One of Algeria’s achievements, according to Mr. Dion, is maintaining low inflation levels. He pointed out that market prices in Algeria remain significantly lower than global averages. This success is attributed to government interventions aimed at safeguarding citizens’ purchasing power.
“Algeria’s social policies are particularly remarkable in the current global context,” he said, emphasizing the rarity of such extensive government support in other countries.
Key Sectors Driving Progress
The Vice President praised Algeria’s advancements in sectors such as agriculture, tourism, digitalization, and start-ups. Additionally, he highlighted the nation’s openness to foreign direct investment (FDI) and ongoing infrastructure development.
During his visit to the oil-rich region of Hassi Messaoud, Mr. Dion observed the technical expertise of Algerian professionals in the energy sector. “The level of skill among Algerian workers in the oil fields is exceptional,” he remarked.
Strategic Position in Africa
Algeria’s strategic location offers potential for enhanced trade and economic collaboration across Africa. Mr. Dion encouraged Algeria to leverage its position to foster economic integration, attract investments, and introduce new technologies.
He predicted that Algeria could play a dual role in Africa: as an economic engine and a hub for attracting FDI, creating quality jobs, and disseminating technology across the continent.
World Bank Report Highlights
The World Bank’s Fall 2024 Algeria Economic Update reflected Algeria’s strong economic performance, with a growth rate of 3.9% in the first half of 2024. The report also noted resilience in the agricultural sector and stable inflation, which averaged 4.3% during the first nine months of the year.
Enhancing Visibility
Despite these achievements, Mr. Dion underscored the importance of marketing Algeria’s progress more effectively. “The numbers speak for themselves, but more effort is needed to communicate these successes, such as Algeria’s achievements in seawater desalination,” he said.
Conclusion
Algeria’s economic progress reflects a combination of government efforts, strategic investments, and sectoral resilience. By strengthening its regional presence and continuing to prioritize diversification, Algeria is poised to become a major economic player in Africa.
Learn More
For more updates on Algeria’s economy, visit DZWATCH.DZ.
Keyphrase: Algeria’s economic growth and regional role highlighted by the World Bank.
