Publication: Algeria Economic Update, Fall 2023: Continuing the Diversification Effort
Loading...
Other Files
111 downloads
18 downloads
60 downloads
Date
2023-11-08
ISSN
Published
2023-11-08
Author(s)
Editor(s)
Abstract
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.
Link to Data Set
Citation
“World Bank. 2023. Algeria Economic Update, Fall 2023: Continuing the Diversification Effort. © World Bank. http://hdl.handle.net/10986/40587 License: CC BY-NC 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Related items
Showing items related by metadata.
Publication Algeria Economic Update, Fall 2024(Washington, DC: World Bank, 2024-12-04)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.Publication Algeria Economic Update, Fall 2022(Washington, DC: World Bank, 2022)The recovery continued in the first semester of 2022, supported by nonhydrocarbon activity and crude oil production. The continuing high level of global hydrocarbon prices prolonged the upturn of external balances. The budget deficit is expected to narrow moderately in 2022, as the strong increase in public expenditure compensates for most of the increase in revenues. The economic recovery should continue in 2023, supported by the nonhydrocarbon sector and public expenditure growth. The main risks to the macroeconomic outlook arise from fluctuations in global hydrocarbon prices, underscoring the importance of the Government’s current reform program.Publication Algeria Economic Update - Fall 2021(Washington, DC: World Bank, 2021-12-23)Algeria is enjoying temporarily breathing space, as hydrocarbon prices reach new highs and the Coronavirus (COVID-19) pandemic eases. After peaking during the summer, the number of daily Coronavirus (COVID-19) cases plummeted in the Fall, while the vaccination campaign accelerated. Meanwhile, global oil and gas prices are reaching levels unseen since before the 2014 oil crisis, allowing for a gradual recovery in crude oil production quotas, and a surge in natural gas production and exports. Surging hydrocarbon exports revenues are contributing to a marked decline in external financing needs and to the short-term stabilization in growing domestic financing needs. Meanwhile, the economic recovery in non-hydrocarbon sectors lost steam, remaining largely incomplete, while inflationary risks are materializing. Absent decisive implementation of the reform agenda, the economic outlook points to a fragile recovery, and to deteriorating fiscal and external balances in the medium-term. Algeria’s intact dependance on hydrocarbon revenues, the spread of new Coronavirus (COVID-19) variants and the pace of the announced reform effort remain the key sources of risks to the outlook.Publication Algeria Economic Update, Spring 2023(Washington, DC: World Bank, 2023-06-26)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 two chapters. Chapter 1 presents macroeconomic developments in Algeria over the year 2022 and the first quarter of 2023, while Chapter 2 describes the short- and medium-term outlook for the Algerian economy.Publication Morocco Economic Monitor, Fall 2023(Washington, DC: World Bank, 2023-11-20)The Moroccan economy is recovering. Following a sharp deceleration in 2022 caused by various overlapping commodity and climatic shocks, economic growth increased to 2.9 percent in the first semester of 2023, driven primarily by services and net exports. Inflation has halved between February and August 2023, but food inflation remains high. Lower commodity prices havealso contributed to a temporary narrowing of the current account deficit. The response to recent crises and the unfolding reform of the health and social protection systems are exerting pressures on public spending. However, the government is managing to gradually reduce the budget deficit.
Users also downloaded
Showing related downloaded files
Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.Publication Remarks to the Annual Meetings 2020 Development Committee(World Bank, Washington, DC, 2020-10-16)David Malpass, President of the World Bank Group, announced that the Board approved a fast track approach to emergency health support programs that now covers 111 countries. Most projects are well advanced, with average disbursement upward of 40 percent. The goal is to take broad, fast action early. The operational framework presented back in June has positioned the Bank to help countries address immediate health threats and social and economic impacts and maintain our focus on long-term development. The Bank is making good progress toward the 15-month target of 160 billion dollars in surge financing. Much of it is for the poorest countries and will take the form of grants or low-rate, long-maturity loans. IFC, through the Global Health Platform, will be providing financing to vaccine manufacturers to foster expanded production of COVID-19 vaccines in both part 1 and 2 countries, providing production is reserved for emerging markets. The Development Committee holds a unique place in the international architecture. It is the only global forum in which the Governments of developed countries and the Governments of developing countries, creditor countries and borrower countries, come together to discuss development and the ‘net transfer of resources to developing countries.’ The current International Financial Architecture system is skewed in favor of the rich and creditor countries. It is important that all voices are heard, so Malpass urged the Ministers of developing countries to use their voice and speak their minds today. Malpass urged consideration of how we can build a new approach to debt restructuring that allows for a fair relationship and balance between creditors and debtors. This will be critical in restoring growth in developing countries; and helping reverse the inequality.Publication World Development Report 2011(World Bank, 2011)The 2011 World development report looks across disciplines and experiences drawn from around the world to offer some ideas and practical recommendations on how to move beyond conflict and fragility and secure development. The key messages are important for all countries-low, middle, and high income-as well as for regional and global institutions: first, institutional legitimacy is the key to stability. When state institutions do not adequately protect citizens, guard against corruption, or provide access to justice; when markets do not provide job opportunities; or when communities have lost social cohesion-the likelihood of violent conflict increases. Second, investing in citizen security, justice, and jobs is essential to reducing violence. But there are major structural gaps in our collective capabilities to support these areas. Third, confronting this challenge effectively means that institutions need to change. International agencies and partners from other countries must adapt procedures so they can respond with agility and speed, a longer-term perspective, and greater staying power. Fourth, need to adopt a layered approach. Some problems can be addressed at the country level, but others need to be addressed at a regional level, such as developing markets that integrate insecure areas and pooling resources for building capacity Fifth, in adopting these approaches, need to be aware that the global landscape is changing. Regional institutions and middle income countries are playing a larger role. This means should pay more attention to south-south and south-north exchanges, and to the recent transition experiences of middle income countries.Publication Doing Business 2014 : Understanding Regulations for Small and Medium-Size Enterprises(Washington, DC: World Bank Group, 2013-10-28)Eleventh in a series of annual reports comparing business regulation in 185 economies, Doing Business 2014 measures regulations affecting 11 areas of everyday business activity: Starting a business, Dealing with construction permits, Getting electricity, Registering property, Getting credit, Protecting investors, Paying taxes, Trading across borders, Enforcing contracts, Closing a business, Employing workers. The report updates all indicators as of June 1, 2013, ranks economies on their overall “ease of doing business”, and analyzes reforms to business regulation – identifying which economies are strengthening their business environment the most. The Doing Business reports illustrate how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. Doing Business is a flagship product by the World Bank and IFC that garners worldwide attention on regulatory barriers to entrepreneurship. More than 60 economies use the Doing Business indicators to shape reform agendas and monitor improvements on the ground. In addition, the Doing Business data has generated over 870 articles in peer-reviewed academic journals since its inception.Publication World Development Report 2006(Washington, DC, 2005)This year’s Word Development Report (WDR), the twenty-eighth, looks at the role of equity in the development process. It defines equity in terms of two basic principles. The first is equal opportunities: that a person’s chances in life should be determined by his or her talents and efforts, rather than by pre-determined circumstances such as race, gender, social or family background. The second principle is the avoidance of extreme deprivation in outcomes, particularly in health, education and consumption levels. This principle thus includes the objective of poverty reduction. The report’s main message is that, in the long run, the pursuit of equity and the pursuit of economic prosperity are complementary. In addition to detailed chapters exploring these and related issues, the Report contains selected data from the World Development Indicators 2005‹an appendix of economic and social data for over 200 countries. This Report offers practical insights for policymakers, executives, scholars, and all those with an interest in economic development.