L'économie algérienne d'une crise à l'autre

THE ALGERIEN ECONOMY, FROM ONE CRISIS TO ANOTHER. Following the debt crisis of the 1985s and the structural adjustment (1994-1998), the macro-economic stability of the Algerian economy was restored at the price of a restrictive budget and monetary policies. From 2001, the improvement of the external financial position of the country and the accumulation of surpluses allowed a revival of the growth supported by public expenditure, primarily in the infrastructures. The persistence of main issues - under-employment, non-diversification of exports, and industrial decline - has cast a doubt about the soundness of the policy of liberalization carried out in a chaotic way for two decades. If the first impacts of the crach of 2007-2008 could be controlled - thanks to accumulated monetary reserves and important budgetary saving, but also weak integration into the international financial sphere - the economy remains vulnerable to the instability of the markets of hydrocarbons and food goods on which it is very dependent. The crisis reinforced the tendency to question the economic opening and it strengthended the authoritarian and the isolated regime's leaning towards the rehabilition of the mecanism of the managed economy, interventionism and protectionism.