Algeria’s Prime Minister, Abdelmalek Sellal, addressing the press on August 31, 2016, said the local economy was in no way endangered, despite continued oil price slump. “Some people believe that the Algerian economy will experience turmoil in the coming years but the truth is that we examined the situation and until 2019, Algeria’s foreign exchange reserves won’t fall below $100 billion,” he said during a work visit in the Saida wilaya.

Explaining his claims, the official said: “Algeria’s GDP stood around 16,700 billion dinar (about $152 billion) in 2015, and should increase to 17,677 billion dinar (around $161 billion) at the end of 2016, and then soar to 22,000 billion dinar (about $200 billion) in 2019, as national production, in the industrial mainly, rises”. He added that foreign exchange reserves would be “good” and inflation “stable” standing between 4 and 5%.

Sellal also highlighted that “the most important is that growth remains positive”, indicating that it was currently at 3.5% and should grow to 3.9% in 2017.

So Algeria’s Prime Minister believes “Algeria is doing well”, given that, in spite of oil market’s crash and oil revenues being halved, the nation “resists and keeps improving its economic performances”.

It should be recalled that the World Bank recently forecasted a sharp drop of Algeria’s foreign exchange reserves to $60 billion, by 2018, a projection which Algeria vehemently rejected.

Alain Okpeitcha