WASHINGTON- The World Bank (WB) revised upward Algeria’s growth forecast for the period between 2015 and 2016, ahead of the slowing down of the 2017 GDP due to the falling oil prices.
In its half-yearly report on the global economic prospects published Tuesday, in Washington, the World Bank raised by one point Algeria’s economic growth rate in 2015 (3.9% against 2.9% in June 2016).
For 2016, the Algerian economy’s performance was good by maintaining a sustained growth despite the drop in oil prices which reduced its exports revenues.
According to WB’s adjusted forecasts, Algeria’s GDP growth was due to be 3.6% in 2016 against 3.4% forecast in June, a growth which remains sustained thanks to the entry into production of several gas projects and the solidity of the non-hydrocarbon activity.
In the short term, the World Bank banks on a slowing down of the Algerian economic growth, similar to those of oil exporting countries of the Middle East and North Africa Region (MENA).
GDP growth is due to drop to 2.9% in 2017, 2.6% in 2018 and 2.8% in 2019, according to the source.