Algeria "not affected by global crisis"

Friday, 06 November 2009

Algeria stands out as one of the countries least affected by the global financial crisis, a new analysis shows. The non-oil sectors of economy are growing by around 9% this year, and only low oil prices contribute to a GDP retraction.

The International Monetary Fund (IMF) in its newest analysis of the Algerian economy released today concludes that the North African country "has not been directly affected by the global financial crisis." Economic growth and diversification has gone on unabated in Algeria during this year of crisis everywhere else.

"Despite a deteriorated international environment, Algeria has continued to post good economic performance, consistent with its trend in recent years, and characterised by solid non-hydrocarbon growth, control of inflation, and reduction of unemployment, which however remains high, especially among the youth," IMF analyst Joël Toujas-Bernaté said in Algiers yesterday.

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