Algeria: 2016 Article IV Consultation-Press Release and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2016 Issue 127

Publication date: May 2016

ISBN: 9781484358436

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , Economics- Macroeconomics , Business and Economics - Statistics , Taxation - General , ISCR , CR , exchange rate , deficit , IMF staff estimate , oil price shock , executive board assessment , money market rate , exchange regime , growth model , Oil prices , Fiscal consolidation , Structural reforms , State-owned banks , Commercial banks , Global

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Summary

This paper discusses the recent economic developments, outlook, risks, and policies required to foster sustainable economic growth of Algeria. Growth was sustained in 2015 while inflation picked up. The budget deficit reached a record high in 2015 because of the collapse in hydrocarbon revenues and a significant fiscal expansion. Beyond 2016, the outlook hinges on the strength of the policy response to the oil price shock. The collapse in oil prices points to the urgent need to reshape Algeria’s growth model. Algeria needs to undertake ambitious and sustained consolidation combined with a critical mass of structural reforms to diversify its economy and promote private sector-led growth and job creation.