UPDATE 1-IMF says Algeria’s near-term outlook is broadly positive, inflation still a concern

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March 29 (Reuters) – The International Monetary Fund (IMF) said on Friday that Algeria’s near-term outlook was broadly positive but that inflation remained a concern.

The IMF also said in a statement that the Algerian economy is estimated to have grown by 4.2% in 2023 owing to a rebound in hydrocarbon production and a strong performance in the industrial, construction, and service sectors.

Algeria’s real growth is forecast to remain strong in 2024, at 3.8%, supported in part by large fiscal spending, the IMF said, following the conclusion of its Article IV consultation with Algeria.

The North African nation’s medium-term economic prospects hinge on efforts to diversify its economy and on its ability to attract private investment, subject to various risks, the Fund added. (Reporting by Ahmed Elimam and Adam Makary; Editing by Kirsten Donovan and Gareth Jones)

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