During a recent interview with national media representatives, President Tebboune made a bold proclamation: Algeria’s GDP is projected to surpass $400 billion by 2026. This announcement, along with plans to double salaries between 2026 and 2027, signals a significant shift in Algeria’s economic strategy.
In an excerpt shared on the Presidency of the Republic’s Facebook page, President Tebboune outlined key initiatives aimed at achieving this ambitious goal. Doubling salaries, currently at 47%, will be a crucial step towards boosting domestic consumption and stimulating economic growth.
However, increasing production costs pose a challenge, potentially leading to higher consumer prices. This raises concerns about the private sector’s ability to cope and the potential impact on food prices. To mitigate these challenges, Algeria must implement strategic measures to diversify its economy and enhance productivity.
One proposed solution is to invest in the tourism industry. By relaxing visa restrictions for Europeans and promoting Algeria as a tourist destination, the country can attract foreign investment and boost revenue. Additionally, expanding the agriculture sector and doubling production for both domestic consumption and exportation will contribute to economic growth.
Moreover, focusing on raw material exports presents another opportunity for revenue generation. By capitalizing on Algeria’s abundant natural resources, the country can strengthen its position in the global market and increase export earnings.
Riad Beladi, British Algerian economic analyst, believes that achieving such growth is possible if Algeria adopts the right strategies. He emphasizes the importance of deregulating the economy and reducing bureaucratic obstacles to encourage private sector growth. Streamlining administrative processes and promoting entrepreneurship will be essential in driving economic expansion.
Algeria has already embarked on a journey towards economic transformation. However, to double its GDP within two years, concerted efforts across various sectors will be required. By prioritizing tourism, agriculture, and raw material exports, Algeria can capitalize on its strengths and unlock its economic potential. As the nation embraces a new economic vision, the path to prosperity lies in bold reforms and strategic investments.
Source : https://internationalsupermarketnews.com/archives/14489
