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Algeria 2013-2015 growth revised upward by World Bank

WASHINGTON – The World Bank said that Algeria GDP is planned to grow to 3.4% in 2013 (against 3% in 2012), and to 3.8% in 2014 to hit 4.3% in 2015.

With these new forecasts published in its report on the World Economy Outlook, the World Bank revised slightly upward the country growth compared with its forecasts made last June in which it expected growth of 3.2% in 2013 and of 3.6% in 2014, an increase of 0.2 %.

This international financial institution that justified this expected rebound with government programs related to public investment projects, an increase in oil and gas extraction and non-oil economic activities, which "should be successful," it added.

However, the Bretton Woods institution has revised down the current account balance at 4.7% of GDP in 2013 (against a forecast of 9.8% made in June) and 4.1% in 2014 (against 7.6%) to further decrease down to 3.8% in 2015.

In addition, the WB considers that with the growing domestic demand for energy mainly attributed to the sharp increase in the vehicle fleet, "Algeria should encourage more foreign investment in oil exploration and refining."

It has also underlined that Algeria should pursue efforts to attract non-hydrocarbon investment to diversify further its economy.

(APS) Wednesday 16 January 2011

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