Algiers, July 25, 2024 – President Abdelmadjid Tebboune announced today in Algiers that the profound reforms undertaken in the Algerian economy have elevated it to the third position on the African continent.
During a speech delivered at the second edition of the President’s Award for Best Exporter, held at the “Abdelatif Rahal” International Conference Center, President Tebboune highlighted Algeria’s implementation of “deep and structural reforms.” These reforms aim to rectify economic imbalances by enhancing the investment environment, promoting foreign trade, encouraging initiatives, adopting digitization, and reforming monetary policy to align with global economic transformations.
Despite the repercussions of the COVID-19 pandemic, President Tebboune stated, “We have managed to overcome difficulties and, through resolute efforts to mobilize national resources and revive the economy, achieved an impressive growth rate of 4.2%.” This rate is considered “one of the best growth rates in the Mediterranean region,” as noted by the President, who mentioned that the Gross Domestic Product (GDP) has risen to $260 billion.
Such indicators have propelled the Algerian economy to the third rank in Africa, with foreign exchange reserves increasing to $70 billion. Moreover, unprecedented figures in non-hydrocarbon exports, nearing $7 billion, underscore this achievement, President Tebboune added, affirming that these statistics signify Algeria’s genuine shift towards liberating its national economy from the dependency on hydrocarbons.
These positive outcomes tangibly reflect the “strong determination to achieve the strategic choices we have adopted to fulfill our commitments,” the President asserted. He continued, “The favorable results recorded across various sectors now allow us to confidently state that the reform train is heading in the right direction. This progress is steering the national economy towards development, diversification of resources, and integration into global value chains.”
