{"id":76364,"date":"2023-01-24T14:08:51","date_gmt":"2023-01-24T14:08:51","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2023\/01\/24\/algerian-president-manipulates-and-inflates-economic-indicators-the-north-africa-post\/"},"modified":"2023-01-24T14:08:59","modified_gmt":"2023-01-24T14:08:59","slug":"algerian-president-manipulates-and-inflates-economic-indicators-the-north-africa-post","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2023\/01\/24\/algerian-president-manipulates-and-inflates-economic-indicators-the-north-africa-post\/","title":{"rendered":"Algerian President manipulates and inflates economic indicators \u2013 The North Africa Post"},"content":{"rendered":"\n
Soon after announcing that 20 billion dollars had been recovered, President Tebboune was mocked when he stated that another 36 million dollars had been confiscated from a family who kept it hidden somewhere in vast Algeria.<\/p>\n
That brings the total sum of allegedly seized money to $56 billion, a sum that is about 35% of Algeria\u2019s GDP or an amount that is higher than the GDP of Senegal and Gabon combined.<\/p>\n
The announcement triggered mockery beyond Algeria\u2019s borders. Naguib Sawiris, an Egyptian billionaire, stated on Twitter that 36 billion dollars meant that Algerian authorities had found a whole building filled with money.<\/p>\n
These enormous figures were presented by Tebboune to local governors, where he tried to defend his performance in a puppet civilian presidency whose strings are pulled only by men in uniform.<\/p>\n
Tebboune, despite the extraordinary rise in revenue and prices, is unable to demonstrate tangible achievements.<\/p>\n
In 2022, Algeria\u2019s economy grew by 4.1% and created 50,000 jobs, said Tebboune, omitting to mention how many jobs were lost.<\/p>\n
For a population 40 million, 50,000 is a low number. This makes unemployment epidemic in an oil and gas rich country. The official youth unemployment rate is 32%.<\/p>\n
Instead of encouraging entrepreneurship the Algerian president takes pride on encouraging unemployment and bragging about the cash handouts to around 2 million people.<\/p>\n
Algeria\u2019s growth has low impact on job creation due to the resource curse with a large oil and gas sector that has hit the limit in terms of job creation.<\/p>\n<\/div>\n