(MENAFN- Caribbean News Global) ALGERIA – Algeria's economic recovery is strengthening and its gross domestic product (GDP), which increased by 3.6 percent in 2022 and 4.2 percent in 2023, is set to be 4.0 percent in 2024 and 3.7 percent in 2025, according to the African Development bank Group's Country Report 2024, which will be officially presented in Algiers in mid-September.
According to the report, Algeria's economic growth is supported by the oil and gas, industrial, construction and services sectors. Employment patterns show a move towards the services sector to the detriment of agriculture and manufacturing industry, emphasizes the report, nonetheless noting that the structure of GDP has not fundamentally changed and that the country should implement further reforms to speed up the structural transformation of its economy.
“For Algeria, the reform of the global financial architecture is an opportunity to position itself as a donor country to support progress towards the development programmes of other African countries,” commented Lassaad Lachaal, the African Development Bank's country manager for Algeria.
The reform of the international financial architecture is an opportunity for Algeria to position itself as a donor country to support the development programmes of other countries in Africa, states the report. In 2023, Algeria joined the group of donors that contribute to the funding cycle of the African Development Fund under AFD-16. Although the country has allocated a budget of USD 1 billion to fund development projects in Africa, it will still need additional resources to support actions to protect the climate and drive green-growth initiatives.
In the short term, additional financial resources for Algeria's structural transformation could come from an improvement in mobilizing domestic funding and strengthening the sustainability of the public finances, stresses the document.
The report, which aims to further political dialogue on macroeconomic performance and prospects and act as an essential tool for political decision-makers, governments and development partners, will be officially presented to government leaders, the private sector, technical and financial partners, researchers and academics, as well as the media, in mid-September 2024, at the bank's local headquarters in Algiers.
The theme of the report is in line with the 2024 report on the African Economic Outlook for the whole continent, entitled:“Driving Africa's Transformation – The Reform of the Global Financial Architecture.”
The post African Development Bank forecast Algeria's economic growth in 2024 report appeared first on Caribbean News Global .
MENAFN17082024000232011072ID1108569285
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.