Algerian President Abdelmadjid Tebboune has announced that the country is heading towards a new phase of economic and social development, with indicators suggesting a GDP of $400 billion by the end of 2026 or early 2027. This growth is expected to be accompanied by an economic growth rate of 4.01-4.02%. Tebboune emphasized that the Algerian economy is built on a solid foundation, with a focus on protecting purchasing power and combating speculation and corruption.
During a meeting with national press representatives, Tebboune highlighted the country's investment drive, with 20,000 projects expected to boost confidence in the national economy. He also welcomed Arab investment, with the exception of one country, and announced that Algerian iron will be used in the manufacture of Fiat cars. Additionally, a portion of integrated phosphate will be allocated for export, while another portion will be used to produce phosphate-based fertilizers.
Tebboune emphasized that Algeria will not resort to borrowing from the International Monetary Fund, instead relying on its own resources to fund development projects. He also announced plans to raise wages in 2027, with the remaining 53% increase to be implemented in one or two installments, depending on the country's financial situation. The increase will be linked to rising revenues and development programs, aiming to avoid inflation.
The President also addressed the issue of speculation, which he said contributed to the rise in prices of certain goods. He called on those responsible for speculation to bear the consequences of their actions and announced that the government will take action to combat speculation. Tebboune also highlighted the importance of protecting the purchasing power of citizens, saying that their complaints about rising prices are justified.
In the agricultural sector, Tebboune announced that the government will continue to strengthen its regulatory role, with a focus on achieving a final output in the sector by the first half of 2027. He also discussed the issue of forest fires, saying that many were deliberately set and that the state had paid 1200 billion centimes in compensation to date.
Tebboune also touched on the energy sector, saying that Algeria will maintain its commitment to the global energy market and will not engage in any "rash" decisions. He also discussed the progress of the Trans-Saharan gas pipeline project, saying that the remaining work is approximately 1,000 kilometers. The project aims to transport gas from Nigeria to Europe via Niger and Algeria.
Finally, Tebboune highlighted the achievements of his government, including the delivery of over 2 million housing units, exceeding initial commitments. He also emphasized the importance of protecting national sovereignty and the economy, saying that Algeria will continue to prioritize its economic and social development plans.
Key points
- Algeria aims to reach a GDP of $400 billion by 2026 or early 2027.
- The country will not resort to borrowing from the International Monetary Fund.
- Algeria will prioritize protecting purchasing power and combating speculation and corruption.
