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Algeria Economy Battered by Double Whammy: COVID-19, Oil Prices
August 9th, 2020 - 01:30 GMT

Algeria Economy Battered by Double Whammy: COVID-19, Oil Prices

Currency depreciation, inflation, negative growth, businesses closed: Algeria's economy has been battered by the one-two punch of the coronavirus crisis and tumbling oil revenues. And unless remedial action is taken on a massive scale, a slide into foreign debt will become inevitable, economists warn. The National Office of Statistics (ONS) has reported a 3.9 percent fall in Gross Domestic Product (GDP) in the first quarter alone, with unemployment nearing 15 ...
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