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Sustainable Development Goals: SDG 8: Decent Work and Economic Growth × Document Type: Economic & Sector Work × Has files: true × Country: Algeria ×

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    Algeria Economic Update, Fall 2024: A Holistic Framework for Sustained Export Growth
    (Washington, DC: World Bank, 2024-12-04) World Bank
    This Algeria Economic Update reports on the main recent economic developments and policies. It places them in a global and longer term context and assesses the implications of these developments and policy changes for Algeria’s economic prospects. The report is intended for a broad audience, including policymakers, business leaders, financial market participants, and the community of analysts and professionals working in/on Algeria. The report is divided into three chapters. Chapter 1 presents macroeconomic developments in Algeria over the year 2023 and the first half of 2024, while Chapter 2 describes the short- and medium-term outlook for the Algerian economy, and Chapter 3 presents macroeconomic considerations in support of non-hydrocarbon export development. This report is based on data available on October 30, 2024.
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    Algeria Economic Update, Spring 2024: Investing in Data for Diversified Growth
    (Washington, DC: World Bank, 2024-05-23) World Bank
    Algeria’s growth was robust in 2023, and inflation started to decelerate. GDP growth accelerated to 4.1 percent, supported by hydrocarbon sector growth, as natural gas production compensated for successive crude oil production quota cuts. Non-extractive GDP growth reached 3.7 percent as investment growth accelerated, supported by a marked recovery in public investment, and leading to a surge in imports. Private consumption remained dynamic, stimulated by growing public sector wages, and pulling sectors serving households. Inflation remained at 9.3 percent over 2023 but moderated to 5.0 percent year-on-year in the first quarter of 2024, amidst a sustained decline in fresh food prices, a strong dinar, and lower import prices. Continuing to strengthen data systems would support investment and public policymaking. In 2023 and 2024, digitalization efforts accelerated, as did efforts from the Bank of Algeria and ONS to strengthen their publications, with notably the first GDP rebasing. The alternative data sources used in this report, such as satellite data on crop development or nighttime lights, represent a useful complement to conventional economic and social statistics. Yet, improving the availability, granularity, and timeliness of official economic data, most notably relating to activity, investment, and the labor market, remains of utmost importance. Enhanced data systems would support the authorities’ pivot towards performance-based budgeting and support evidence-based policymaking. They would also provide accurate and exhaustive economic data to researchers and analysts, potential domestic and international investors, alleviating economic uncertainty and fostering investment.
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    Algeria Economic Update, Fall 2023: Continuing the Diversification Effort
    (Washington, DC: World Bank, 2023-11-08) World Bank
    Algeria’s GDP recovered to its pre-pandemic level in 2022, while high oil and gas prices allowed for marked improvements in its external and fiscal balances. The recovery continued during the first half of 2023, albeit at a slower pace, supported by nonhydrocarbon activity and investment. Oil and natural gas prices and exports declined in H1–2023, adding pressure on external and fiscal balances. Inflation remained elevated, reaching 9.7 percent in H1–2023, now driven by fresh food prices, mostly produced domestically. Growth is expected to recover in 2024 and 2025, while the fiscal and external balances would stabilize after an initial drop. The macroeconomic outlook hinges on volatile hydrocarbon prices, and the regional context underscores the reality of the climate risks to which Algeria is also exposed. These risks underscore the importance of sustainably improving macroeconomic balances, while continuing efforts to foster private sector-led investment, growth, and diversification. Diversifying export revenues away from hydrocarbons and attracting foreign investment would improve Algeria’s resilience to oil and gas price fluctuations. On the fiscal front, higher spending rigidity contrasts with volatile hydrocarbon revenues, generating significant uncertainty. This underlines the need to raise more tax revenues and strengthen spending efficiency in an equitable way, notably that of public investment. Consistent with the 2021 Government Action Plan, continued implementation of reforms to stimulate private sector to become the engine of sustainable and diversified growth remains essential to the performance and resilience of the Algerian economy.