article Algeria’s economy is growing faster than the world’s economies and its growth rate is accelerating at the fastest pace in Africa, according to a report by the International Monetary Fund.
The report published Thursday by the World Bank says Algeria’s GDP grew by 8.5% in the second quarter of this year and is on track to reach 5.9% by the end of 2020.
The IMF said the country’s economy grew at an annual rate of 7.2% in 2016, well ahead of its growth target of 6.7% for 2020.
The IMF also said Algeria is one of the fastest growing economies in sub-Saharan Africa, with its gross domestic product growing at a 7.7 percent annual rate in the third quarter of 2018.
The country’s unemployment rate dropped to 6.3% in January, from 6.9%.
Algeria has been plagued by political and economic instability, with political unrest, protests and strikes affecting a large part of the population.