Algerian President Abdelmadjid Tebboune has emphasized the government's unwavering commitment to protecting citizens' purchasing power. During his regular media meeting with national press representatives, broadcast on national television and radio channels, Tebboune highlighted Algeria's robust economic foundations, which he believes will enable the country to achieve a significant growth rate. The President expressed optimism about the nation's economic prospects, citing a projected GDP of $400 billion by the end of 2026 or early 2027.
Tebboune attributed this growth to the country's ongoing investment drive, which has led to the implementation of thousands of projects nationwide. He noted that various sectors are capitalizing on Algeria's potential, contributing to a growth rate that surpasses that of some European and Mediterranean countries. The President also credited the return of investor confidence in the national economy, facilitated by a favorable investment climate and incentives provided by the government.
To further boost economic growth, Tebboune announced plans to introduce a new decree allowing for the organization of a single-window system. This system will enable the identification of investment projects and their corresponding real estate requirements, promoting a balanced distribution of projects across different provinces. The President expects this move to enhance the business environment and encourage investment.
The Algerian government is also working to diversify its revenue streams beyond hydrocarbons. Tebboune revealed that ongoing efforts to develop the automotive and mining sectors, as well as the integration of iron and electronics into the national industry, are expected to generate a stable annual income of at least $50 billion in foreign currency. This initiative aims to reduce the country's reliance on hydrocarbons and promote sustainable economic growth.
While acknowledging the continued importance of hydrocarbons, Tebboune stressed that Algeria is committed to responsible management of its oil resources. He noted that the country, in its capacity as a member of the Organization of the Petroleum Exporting Countries (OPEC), is working to stabilize the global oil market. The President assured that Algeria will continue to play a constructive role in addressing market fluctuations.
Tebboune also addressed the recent increase in prices of certain goods, attributing it to profiteering by some traders, particularly those benefiting from subsidies. He vowed to continue fighting speculation and protecting citizens' purchasing power, especially with regard to subsidized goods. The President warned that the government will take necessary measures to prevent exploitative practices and maintain market stability.
The President highlighted several major structural projects aimed at strengthening Algeria's industrial fabric and promoting export diversification. He cited the example of the national school supply industry, which has replaced imports in recent years. Tebboune expressed satisfaction with the country's overall development momentum, citing progress in various sectors, including the integrated phosphate project and the expansion of the Port of Annaba.
Key points
- Algerian President Abdelmadjid Tebboune reaffirms government's commitment to protecting citizens' purchasing power.
- Algeria aims to achieve a GDP of $400 billion by 2026 or early 2027.
- The government is working to diversify revenue streams beyond hydrocarbons and promote sustainable economic growth.
