ALGIERS - The World Bank (WB) has emphasized the progress of Algeria's development, which is evident in its economic accomplishments that have propelled it to the status of an upper-middle-income country, placing it among four nations that have attained this classification.
As per the WB, Algeria is following an ambitious trajectory of development that centers on resilience, innovation, and economic modernization, reaching a significant milestone this year.
In its income classification report released on July 1, 2024, the WB acknowledged Algeria as one of the four countries that have transitioned to upper-middle-income status due to enhanced statistical capacities that have improved the accuracy of GDP measurements.
The Algerian economy expanded by 4.1% in 2023, a growth attributed to the revamping of national accounts statistics, which now include a more comprehensive coverage of the informal economy.
The World Bank's involvement with Algeria is centered on sustainable energy development, encompassing wind energy initiatives and strategies for renewable energy.
The collaboration with Algeria on climate and disaster risk management, such as forest fires, aims to bolster resilience in the face of the impacts of climate change.
The World Bank expressed its anticipation of continued partnership with Algeria, highlighting energy, climate resilience, and private sector development as key areas for cooperation.
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