IMF Forecasts 3.4% Growth Rate Of Algeria In 2013

A visiting International Monetary Fund (IMF) official said Sunday the organization expects a growth rate of 3.4 percent in Algeria in 2013.

Zeine Ould Zeidane, who arrived in Algeria on Oct. 29, said in a statement that the IMF expects a 3.4-percent growth rate in Algeria next year, driven mostly by the growing local demands and an upturn in the hydrocarbons sector.

Algeria’s current account surplus in 2013 is expected to hit 8. 2 percent of the GDP, while the current account balance will reach a surplus of 7.1 percent of the GDP, the statement said.

The North African country’s banking sector remained “solid” in 2012 while the inflation has accelerated to hit 8.4 percent, the IMF said, adding that unemployment rate is still high among youngsters and women, 21.5 percent and 17 percent respectively.

The monetary institution hailed the liquidity management policy launched by the Algerian authorities in 2012, recommending that the policy can be strengthened by raising interest rate as to curb inflation down to 4 percent or 4.5 percent.

During his two-week visit in Algeria, Zeidane, head of an IMF mission, held talks with some Algerian officials.

Xinhua