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November 17, 2024 | 2 months ago

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An economic agreement offering greater promise for Algeria

A report from the Bank of Algeria for the year 2023 confirmed that Algeria has experienced an economic boom affecting several sectors, an indicator of the further development of the national economy.

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The World Bank's fifth report on the Algerian economy highlights an inflation rate of 7.18% and economic growth of 4.1% amid global uncertainties in the agricultural, medical and pharmaceutical markets. In 2023, Algeria's money supply will amount to DZD 24,330.82 billion, of which one-third (DZD 8,030.76 billion) will circulate in the informal market. The country has 1,649 bank branches with a solvency ratio of 22.76%.

The balance of payments shows a surplus of $6.35 billion and the trade balance is $12.71 billion. However, non-hydrocarbon exports ($5.058 billion) remain below government forecasts ($10-13 billion).

Given the economic challenges in the European Union, characterised by high debt levels, particularly in France (116% of GDP), Algeria has the opportunity to negotiate fairer agreements with the EU. These agreements should encourage real investment by European companies and promote wealth creation in Algeria.

To seize these opportunities, Algeria needs to implement reforms, including:

    -Reducing bureaucracy.
   - Improving the skills of bank managers.
   - Modernising the financial and tax systems to attract foreign investment and ensure transparency.




November 17, 2024 | algeria-logo

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