Algerian President Abdelmadjid Tebboune has emphasized the state's dedication to preserving citizens' purchasing power, citing a strong economy that can achieve significant growth. During a recent interview with national press representatives, Tebboune stated that Algeria's economy is built on solid foundations, enabling it to reach high growth levels. He mentioned that a GDP of $400 billion is possible by the end of 2026 or early 2027.
Tebboune attributed this growth to the dynamic investment climate, with thousands of projects underway nationwide, and the valorization of several sectors' potential. He noted that the national economy's growth rate surpasses that of some European and Mediterranean countries. The president also highlighted the importance of restoring investor confidence in the national economy, thanks to the state's incentives and investment climate.
To further boost investment, Tebboune announced the upcoming signing of a decree organizing a one-stop shop to identify investment projects and their land needs. This move aims to balance project distribution across wilayas. The president also mentioned that ongoing efforts will ensure a stable annual income of at least $50 billion from industries like automotive, mining, and electronics.
Tebboune emphasized that hydrocarbons will remain crucial, with ongoing exploration and prospection efforts, as well as attempts to attract major international companies. He stressed that Algeria is a responsible state, committed to contributing to global oil market stability. The president also acknowledged the recent price hikes of certain products, attributing them to greedy traders.
Tebboune assured that the state is committed to fighting speculation, particularly on subsidized products, to preserve citizens' purchasing power. He also warned against economic operators attempting to circumvent regulations to obtain foreign currency for import operations, harming the national economy. The president vowed to take necessary legal measures against such practices.
The Algerian government is working to increase non-hydrocarbon revenues, while maintaining the importance of hydrocarbons. Tebboune expressed confidence in the country's economic prospects, citing the International Monetary Fund's positive outlook. He encouraged economic operators to prioritize local demand before exporting.
The president's statements reflect the government's commitment to economic stability and growth, as well as its efforts to protect citizens' purchasing power. Algeria's economic trajectory will likely be influenced by its hydrocarbon sector, investment climate, and efforts to diversify its economy. The government's measures aim to ensure a stable and prosperous future for its citizens.
Key points
- Algerian President Abdelmadjid Tebboune affirms state's commitment to preserving citizens' purchasing power
- Algeria's economy is expected to reach a GDP of $400 billion by the end of 2026 or early 2027
- The state is committed to fighting speculation and protecting citizens' purchasing power
