“Algeria is interested in the BRICS in that they constitute an economic and political power,” President Abdelmadjid Tebboune told the press on August 7th. Moreover, the Head of State affirmed that the eventual membership of his country in this club of countries with so-called emerging economies could be rapid. “What is certain is that there will be good news”, he chanted, taking up a position defended since 2018 by Algiers.
Algeria: trade indicators in the green but…
The leaders of the North African giant are indeed convinced that the country has the shoulders to integrate this very selective group, in particular thanks to the economic diversification program adopted in 2016 and the strategic partnership agreement concluded with China.
GDP growth, HDI, trade…
It is true that in many respects, the economic trajectory of the country corresponds to that followed by the five members of the BRICS. In terms of economic growth, for example. According to data from the World Bank, over the past ten years, China, the main locomotive of this group, posted an average growth of 7%, Russia 2.8%, India 6%, africa of the South by 1.4%, and Brazil by 1%. Algeria, it indicates a growth of 2.2% on average per year.
On the commercial level, Algeria is a small thumb alongside the BRICS giants
Figures which partly reflect the very heavy impact of Covid-19 on the economies of these countries, which have nevertheless tended to go up the slope in recent months. The Algerian economy has also started to recover, from 2021, with growth of 4%, notes the African Development Bank (AfDB), which underlines the essential role played by the recovery in external demand, mainly for the oil, whose production has soared. This increase in oil revenue partially offset the increase in expenditure related at the investment.