In Algeria, this is excellent news for the populations because the World Bank has just taken a significant action.
The country’s Ministry of Finance affirmed, in a press release, that Algeria will move, under the new update from the World Bank, from country to “Middle Income to Lower Income Bracket » to country to “Upper Middle Income”.
In the update of the international institution, it is specified that “Algeria thus saw its GNI (Gross National Income) per capita increase from 3,900 USD (between July 1, 2022 and June 30, 2023), to 4,960 USD (between July 1, 2023 and June 30, 2024)”.
The press release specifies that this update of the annual classification of the economies of the member countries of the WB will be made public tomorrow, Monday July 1, on the occasion of the start of its next fiscal year, which runs from July 1 to June 30. of each year.
This classification takes into account the data recorded during the past year on the basis of the evolution of Gross National Income (GNI) per capita, taking into account factors such as economic growth, inflation, exchange rates and demographic growth affecting GNI per capita, according to the same source, specifying that revisions to national accounting methods and data can also sometimes have an impact.
The World Bank thus aligns itself with the IMF concerning Algeria
It also takes into account changes in classification thresholds. “To keep income classification thresholds fixed in real terms, they are adjusted for inflation using the Special Drawing Rights (SDR) deflator”we explain from the same source.
The ministry specifies, in this regard, that the World Bank has “revised upwards the positioning of Algeria for the year 2025, thus aligning itself with the IMF and recognizing the accuracy of the statistical results resulting from the efforts made by our country to give a faithful image of the Algerian economy”.
In Algeria, the decision of the World Bank is variously appreciated by the populations.
Find the latest news on our TikTok account
