ALGIERS – Thursday, 13 October 2022 (APS) – The International Monetary Fund (IMF) has revised upwards its growth forecast for the Algerian economy in 2022 to 4.7%, i.e. double its previous forecasts (2.4%).

According to its latest report on the world economic outlook, published on the occasion of the Joint Annual Meetings with the World Bank (WB), the growth forecasts increased by 2.3% since last April.

For the year 2023, Algeria’s real Gross Domestic Product (GDP) should soar by 2.6%, according to new forecasts from the Bretton Woods institution, based in Washington.

Previous forecasts in April suggested a 2.4% growth.

In addition, Algeria’s current account balance should return to the positive zone (6.2% of GDP against 2.9% expected in April) and 0.6% of GDP in 2023.

The current account balance was -2.8% of GDP in 2021, according to the same report.

For the Middle East and Central Asia (MOAC) region as a whole, the IMF forecasts 5% growth in 2022 and 3.6% in 2023. “These rates largely reflect the favorable outlook for hydrocarbon-producing countries.”