ALGERIA: Rise In Oil And Gas Boasts Algeria’s Real GDP Growth, Says UN

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The rise in oil and gas prices has boosted Algeria’s real GDP growth …” Yesterday, a report by the UN Department of Economic and Social Affairs said.

The 2018 budget law, the country’s treasury, the use of printing money to ensure financial equilibrium … gave free rein to pessimistic rumors. To the point of seeing the future in black. The gravediggers saw there the beginnings of a burial of first class of Algeria.

A UN report has just ended their rant. He cuts the grass under the feet of those who wish the collapse of the Republic and puts an end to the speculations that predicted the bankruptcy of Algeria. “Rising oil and gas prices boosted real GDP growth in Algeria and Libya,” said a report released yesterday by the United Nations Department of Economic and Social Affairs.

The Daes document was optimistic about growth in Algeria. Algeria’s real GDP growth is expected to reach 2.8% in 2017, compared to 3.1% in 2016, a continuation recorded this year in the wake of the rebound in growth seen for North African countries. he said in his report on the outlook for the global economy, presented in New York. Better still, the good performance of the national economy should serve as a locomotive for the African continent for the next two years.

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For 2018 and 2019 “the improvement in growth (in Africa) will also be supported by more favorable domestic conditions, including the recovery of oil production in Algeria, Angola and Nigeria, and the increase in oil production. oil from new deposits in Ghana and the Republic of Congo, and the resumption of agricultural and mining production in South Africa, “say UN experts.

The forecasts of the United Nations Department of Economic and Social Affairs that align with those of the World Bank which had forecast in October growth of 3.7% for the first quarter of 2017, to oscillate around 2.2% for the rest of the year. On the other hand, they are up sharply against those announced by the International Monetary Fund last October.

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The Bretton Woods institution had forecast Gross Domestic Product growth of 1.5% in 2017 and 0.8% in 2018 at its fall meeting. It must be remembered, however, that the IMF had stressed the robustness of the national economy in 2016 as oil prices moved to a much lower level than today. “Algeria is among the emerging and developing countries that have managed to maintain a positive external net position thanks to its very low external debt,” said the International Monetary Fund in its semi-annual report on the global economic outlook published on October 4 2016, in Washington.

The drying up of oil revenues has given grain to grind the gravediggers of Algeria who gave themselves to the joy of the idea of ​​seeing the country die under the Caudine forks of the IMF. The Bretton Woods institution has defended itself from having “sadistic” intentions towards Algeria. On the contrary, despite the fact that its cash flow was severely impacted by the fall in the price of black gold, the International Monetary Fund has highlighted the strength of the national economy.

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“Algeria had managed to absorb the oil shock thanks to the security buffers in place in the form of budgetary savings, international reserves and a low level of indebtedness,” said Jean-François Dauphin, the head of mission of the International Monetary Fund for Algeria in an interview with the IMF’s blog.

He stressed that Algeria is facing an “exceptional opportunity” to move to sustainable growth and reduce its dependence on hydrocarbons. The report of the United Nations Department of Economic and Social Affairs released yesterday confirms this analysis


 

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