IMF raises Algeria’s growth forecasts

APS : Tuesday, 17 April 2018
WASHINGTON – The International Monetary Fund (IMF) raised its Algeria’s economic growth forecasts for 2017 and 2018. This progress can be achieved as result of reduction of the current account deficit.
In the World Economic Outlook, released Tuesday on the eve of the IMF and World Bank Springs Meetings, the IMF predicts a 3% growth rate in 2018 against 0.8% in its October report.
This trend would continue in 2019, but would slightly fall to 2.7% rate, according to the IMF projections.
In 2017, the real GDP growth reached 2%, against 1.5% projected in October.
The IMF also raised its inflation predictions to 7.4% for 2018 against initial 4.4%. The inflation is predicted to hit 7.6% in 2019.
The current account deficit which accounted for – 12.3% of GDP in 2017 is forecast to fall to -9.3% in 2018 and -9.7% in 2019.
The IMF has also lowered Algeria unemployment projections to 11.2% in 2018 compared to last October’s 13.2%.
The unemployment rate is expected to rise to 11.8% in 2019.
In its preliminary conclusions on the assessment of Algeria’s economy, released in March, the IMF had said that Algeria had a genuine opportunity to reconcile economic adjustment and growth.

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