Algeria’s economy is on the rise, with a projected GDP growth of 4.0 percent in 2024 and 3.7 percent in 2025, according to the African Development Bank Group’s Country Report 2024, to be presented in Algiers in mid-September.
The report highlights the growth in sectors like oil and gas, industry, construction, and services. While there is a shift towards the services sector in terms of employment, the report emphasizes the need for further reforms to transform the economy structurally.
Mr. Lassaad Lachaal, African Development Bank’s Country Manager for Algeria, sees the reform of the financial system as an opportunity for Algeria to support other African countries. The report mentions Algeria’s role as a donor country, allocating funds for development projects in Africa, but emphasizes the need for more resources for climate protection and green initiatives.
The report also suggests that Algeria can improve its domestic funding mobilization and public finance sustainability to support its structural transformation. It will be officially presented in mid-September 2024, aiming to facilitate political dialogue and inform decision-makers and partners in Algeria.
The report’s theme aligns with the 2024 African Economic Outlook report for the continent, focusing on the reform of the global financial system. For media inquiries, contact Amba Mpoke-Bigg at media@afdb.org.
About the African Development Bank Group: The AfDB is a key financing institution for Africa’s development, operating in 44 countries and dedicated to the progress of its 54 regional member states.