ALGIERS – Algeria’s finance minister expects the country’s gross domestic product to grow by 3.4 percent in 2022, he said on Monday.
The minister, Abderrahmene Raouia, made the statement during his opening speech at the 33rd conference of Arab insurance federations in Oran in the west of the country, according to state radio.
Raouia said the country was able to “overcome the effects of the health crisis stemming from the COVID-19 pandemic” and that “its main economic indicators started to improve in the second half of 2021”.
“The measures adopted by the State to deal with the effects of the health crisis and reduce their impact on the Algerian economy and businesses have made it possible to control the general economic situation”.
Raouia noted that Algeria “has recently started important reforms to improve the trend of the economy” and “increase the growth rate”, mainly through support for non-fossil fuel exports, law reform on investments and the abolition of Law 51/49. for foreign partnerships in most sectors.
Last April, the International Monetary Fund raised its outlook for economic growth from 1.9% to 2.4% for the current year.
The IMF also expects Algeria to generate significant revenues of some $58 billion given the increase in oil and gas prices due to the war in Ukraine.
The Algerian economy is largely based on fossil fuels (oil and gas), which represent more than 90% of its exports.