Algerian President Abdelmadjid Tebboune at a press conference in Algiers on December 13, 2019.(Photo by Billal Bensalem/NurPhoto via Getty Images)
Algerian President Abdelmadjid Tebboune on Thursday signed the Budget Law for 2022, which projects a GDP growth of 3.3 percent in the new year.
The law also forecasts a non-hydrocarbon growth of 3.7 percent, and an inflation rate of 3.7 percent.
Hydrocarbon exports are set to reach 27.9 billion U.S. dollars while imports will hit 31.8 billion dollars, according to the predictions.
The North African nation’s heavily oil-dependent economy has been lagging behind since the drop of oil prices in 2014.
Algeria is striving to diversify its economy by encouraging private and public companies to improve the quality and competitiveness of their products so as to satisfy local demands ahead of winning foreign markets.
The ultimate objective of the government is to develop a brand new and efficient economic model that would curb the import bill and boost the export of industrial goods so that the nation will gradually reduce its dependence on hydrocarbon revenues.