Thus, the ADB has significantly revised upwards the growth rate forecast for Algeria for 2024, to 4%, compared to 2.7% forecast in the 2023 edition of the same report.
For next year, the ADB expects growth of 3.7% for the Algerian economy, stressing that the expected performances will be driven in particular by the sectors of industry, construction, services as well as the sector of hydrocarbons, with an increase in exports which will remain at 5% in 2024 and 2025.
Regarding inflation, it is expected to continue its downward trend to reach 6.8 in 2024 and 5.7% in 2025, a "fall" which will be achieved thanks to the increase in agricultural production, according to the report.
The current account should benefit from expected stability in international hydrocarbon markets and remain in surplus, according to figures from the Pan-African financial institution
Furthermore, the ADB stressed that the presidential election to be held in September 2024 was not considered a macroeconomic risk, “given the stability of the national socio-political context”.
Regarding the challenge of economic diversification, the AfDB welcomed the vision of the Algerian State to consolidate economic recovery and improve the business climate while accelerating the digital transition and developing the sectors driving development and economic growth. , notably agro-industry and fishing.
The institution recommends, in this context, continuing to support local industries in the short term and investing in the technologies necessary for the industrialization strategy (digital economy and digitalization in particular).