March 22, 2023

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The World Bank redesigned Algeria

A press release issued on Thursday states that the World Bank has published several news articles on the World Bank’s Monitoring Report on the Economic Situation in Algeria “over the past few days.

Some of these articles contained inaccurate information about the contents of the report, which was highly prepared, as well as its authors, a group of economists working in the Maghreb region, as noted by the World Bank: The monitoring report is prepared twice a year … The quality should be reviewed before the report is published.Exactly in the public data, document or reference provided by the officials of the member countries, its purpose is to promote knowledge exchange and dialogue about the economic and social development of the country.

Continue: “The results of the report are consistent with the official data available on the report’s deadline (November 1, 2021), most of which were published in the Bank of Algeria’s Note de Conjourn. 22. December 2021”.

“We regret to note that some of the articles mentioned above have adopted language that goes beyond the thoughts of their anonymous authors. As unacceptable, these comments may not be answered, but we consider them to be non-existent. They are not part of the debate,” WB concludes.

The International Monetary Fund report paints a grim picture of Algeria’s vulnerable economy, with little room for maneuvering to “always depend on hydrocarbon revenues”.

The World Bank noted that “the recovery of the non-hydrocarbon segment of the economy has run out of steam, and is largely incomplete, while inflationary risks are at work”, with GDP shrinking in the first and second quarters of 2021 following the recession. In operation in the construction and service sectors.

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The report also points out that inflation will rise significantly in 2021, affecting “disproportionately vulnerable households”, and warns that “if the reform agenda is not implemented quickly, the recovery will be weak and the medium and external balances will worsen.”

In the first half of 2021, real private and public consumption was below its pre-epidemic level, according to the same source, which also indicates a decline in tax revenue (-14.6%) by 2020. Strong decline in hydrocarbon revenues (-28%) and “moderate” decline in tax revenues.

For its part, “public debt will explode in 2021 as the Treasury implements a massive debt repayment plan to support the public sector,” said Bretton Woods, who noted that domestic public debt had increased by 12.9% by the end of 2020. And at the end of July 2021.

In addition, “a disappointing harvest, efforts to rationalize subsidies and the depreciation of the national currency are contributing to a significant increase in inflation”, WB’s experts underline that in October 2021, index consumer prices rose to 9.2. % Year-on-year, high since 2012.