Economy

Finance Minister: An economic growth rate of 3.4 percent expected in 2022

Finance Minister Abderrahmane Raouia said on Monday in Oran, that Algeria is expecting to achieve an economic growth rate of 3.4 percent this year.

During his supervision of the launch of the proceedings of the 33rd conference of the Arab General Insurance Federation, organized by the Algerian Federation of Insurance and Reinsurance Companies in cooperation with the Arab General Insurance Federation at the Convention Center “Mohamed Ben Ahmed” in Oran, the Minister highlighted that Algeria has managed to overcome the effects of the health crisis resulting from the Corona virus pandemic and its major economic indicators have begun to recover as from the second half of 2021, which ushers in a growth rate estimated at 3.4 percent in 2022.

Mr. Raouia added that “the measures taken by the state to address the effects of the health crisis and reduce its impact on the Algerian economy and institutions, including scheduling the institutions’ debts and providing various incentives, allowed for the control of the general economic situation and the maintaining of the major balances of the financial sector, including insurance and reinsurance companies.”

The minister highlighted the major economic reforms recently undertaken by Algeria to improve the performance of the economy and raise the growth rate by supporting exports outside hydrocarbons, reviewing the investment law by eliminating bureaucratic obstacles, simplifying administrative procedures and renouncing to the 51/49 rule for investment in most sectors.

The minister pointed to “the state’s support within its economic reforms for the partnership between the public and private sectors and the expansion of the use of modern technologies and digitization in the management of the economic sector, whose first results are expected to appear soon.”

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