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African Economic Outlook 2009

image of African Economic Outlook 2009

The international financial crisis increases the relevance of this annual publication jointly published by the African Development Bank, the OECD Development Centre and the United Nations Economic Commission for Africa (UNECA). Decision makers in African and OECD countries, such as aid agencies, investors, NGOs and government officials of aid-recipient countries, will all find the analysis critical to their activities.

The African Economic Outlook 2009 reviews the recent economic situation and predicts the short-term evolution of 47 African countries which account for 99% of the continent's economic output and 97% of its population. The Outlook is drawn from a country-by-country analysis based on a unique analytical design. This common framework includes a forecasting exercise for the current and the two following years, using a simple macroeconomic model, together with an analysis of the social and political context. It also contains a comparative synthesis of African country prospects, placing the evolution of African economies in the world economic context.

The 2009 edition focuses on innovation and information and communication technologies (ICT) in Africa, presenting a comprehensive review of their proliferation and use on the African continent. A statistical appendix completes the volume.

The AEO project is generously supported by the European Commission and combines the knowledge of the African Development Bank and the UNECA on African economies with the expertise accumulated by the OECD, which produces the OECD Economic Outlook twice yearly.

This publication provides dynamic links (StatLinks) for graphs and tables. These StatLinks direct the user to a web page where the corresponding data are available in Excel® format.

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Algeria

OECD Development Centre

SINCE 2000 ALGERIA HAS CONSOLIDATED its economic growth, and the reforms undertaken are beginning to bear fruit. Growth in 2008 was 3.3 per cent and inflation 4.4 per cent. Having appreciated since 2007, the exchange rate of the dinar (DZD) remained close to its equilibrium value in 2008 (68 dinars to the US dollar [USD]), and unemployment stabilised at around 12 per cent of the active population. Strengthened by an average oil price of USD 99 per barrel in 2008, the Bank of Algeria built up foreign exchange reserves amounting to almost USD 142 billion. Following early repayments, total external debt fell to USD 460 million (0.27 of gross domestic product [GDP]), and internal public debt dropped by nearly 30 per cent. Weak growth of 0.2 per cent is expected in 2009, as a result of falling global demand and reduced prices of oil and gas.

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