ALGERIA: World Bank Update.

According to the World Bank's latest Algeria Economic Update, recent reforms in Algeria's economy have led to a return to pre-pandemic levels in 2022, with further growth expected by 2024. The hydrocarbon and agricultural sectors are expected to support this growth, along with increased investment in large industrial projects. Efforts to improve the business environment and attract private-sector investment will be crucial in sustaining this trend. Inflation remains high but is expected to moderate in the coming years, assuming prudent monetary and fiscal policies and a recovery in rainfall for agricultural production. The decline in oil and gas prices has affected export revenues, but the trade balance remains positive, and foreign exchange reserves continue to accumulate. The budget deficit is expected to expand, but it will be partly financed by savings from oil revenues. The economic outlook for 2024 and 2025 is dependent on global oil prices and weather conditions, highlighting the need for economic diversification to strengthen resilience. The World Bank emphasizes the importance of reducing dependence on hydrocarbons and increasing non-hydrocarbon exports to create private sector jobs. Additionally, the article mentions that Algeria has recently banned strike action in various sectors in the interest of national security, which has been met with criticism from some media outlets. [Extracted from the article]