The World Bank expects a rapid recovery of growth in Algeria in 2018 as a result notably of the new budget measures relating to financing and investment, said on Monday this institution.
“Growth is expected to recover rapidly in 2018 following the fiscal expansion process” and reach 3.5 per cent in 2018 against 2.1 per cent in 2017, the World Bank stated in a follow-up report of the economic situation in the Middle East and North Africa (MENA) region, released on Monday ahead of the annual Spring Meetings of the International Monetary Fund (IMF) and the World Bank here from April 20 to 22.
In its latest report on world economic prospects, published in January, the World Bank has forecast growth of 2.2 per cent in 2017 and of 3.6 per cent in 2018 for Algeria.
It underlined that the slowdown recorded in 2017 compared with the growth rate of 3.3 per cent in 2016 was mainly caused by the weak results of oil and gas production which, according to what had earlier been estimated, decreased by 1.4 per cent last year which strongly contrasted with the momentum observed in the first quarter of the year.
“The production of new oil wells will continue to be important and stimulate growth,” according to the report.