Algeria Sets Roadmap for Knowledge-Based Economy

People in the reopened Medina of Rabat after lockdown measures were lifted in Rabat, Morocco, Friday, June 26, 2020. (AP)
People in the reopened Medina of Rabat after lockdown measures were lifted in Rabat, Morocco, Friday, June 26, 2020. (AP)
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Algeria Sets Roadmap for Knowledge-Based Economy

People in the reopened Medina of Rabat after lockdown measures were lifted in Rabat, Morocco, Friday, June 26, 2020. (AP)
People in the reopened Medina of Rabat after lockdown measures were lifted in Rabat, Morocco, Friday, June 26, 2020. (AP)

The Algerian government had set a clear roadmap for a rapid transition to a knowledge-based economy, said Prime Minister Abdelaziz Djerad.

During the Oran Disrupt 2021 conference on startups, he stressed the need to intensify efforts and involve all actors, based in Algeria or abroad, to achieve this objective.

The national economy currently needs companies that offer real added value and rely on research and development to provide innovative services and products, he explained.

The government has decided to support innovators wherever they are, he stressed, citing the establishment of a regulatory framework for startups and an investment fund that ensures smooth financing for innovative projects, as well as significant tax incentives in line with the Finance Law for 2021.

Djerad revealed the launch of the first project for startups, which will have branches across the country.

Meanwhile, the country’s foreign exchange reserves reached $42 billion, down from $60 billion in Q1 2020.

Earlier this month, President Abdelmadjid Tebboune pointed out that by calculating the oil revenues for the past year, which amounted to $24 billion dollars, the country’s exchange reserves fell from $60 billion to $42 billion, and it is changing on a weekly basis.

The drop in global oil prices has severely affected Algeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), where oil and gas exports account for 60 percent of the state budget and 94 percent of total export revenues.

In April 2019, reserves reached $72.6 billion, down from $79.88 billion in December 2018 and $97.33 billion in late 2017.

Algeria uses its foreign exchange reserves to purchase import goods and services, amounting $45 billion annually.

The government has been trying to cut spending on imports to alleviate the financial pressure caused by the decline in oil and gas revenues.

Tebboune stressed then that “the new economic trend is to allow the import of only what the national economy needs”.



China’s Economy Lags in July Under Pressure from Tariffs and a Weak Property Market

People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)
People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)
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China’s Economy Lags in July Under Pressure from Tariffs and a Weak Property Market

People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)
People ride scooters on a street in Beijing, China, 13 August 2025. (EPA)

China's economy showed signs of slowing in July as factory output and retail sales slowed and housing prices dropped further, according to data released Friday.

Uncertainty over tariffs on exports to the United States is still looming over the world's second-largest economy after President Donald Trump extended a pause in sharp hikes in import duties for 90 days, beginning Monday, following a 90-day pause that began in May.

As officials worked toward a broader trade agreement, China reported earlier that its exports surged 7.2% in July year-on-year, while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of the truce in Trump's trade war with Beijing.

But that also reflected a lower base for comparison, and manufacturers have slowed investments, hiring and production as they watch to see what comes. Chinese manufacturers also have ramped up shipments to Southeast Asia, Africa and other regions to help offset lost business in the US.

Still, annual growth in industrial output fell to 5.7% in July from 6.8% in June, the National Bureau of Statistics said.

Investments in factory equipment and other fixed assets rose a meager 1.6% in January-July, compared with 2.8% growth in the first half of the year.

Property investments plunged 12% in the first seven months of the year, with residential housing investment dropping nearly 11%.

Prices for newly built housing in major cities fell 1.1%, as a prolonged downturn in the property industry lingered.

The meltdown in the housing market hit just as the COVID -19 pandemic began, sapping one of the economy's main drivers of growth and causing dozens of developers to default on their debts.

The crisis rippled throughout the economy, destroying jobs for millions of people.

The government has sought to ensure that most housing that was paid for gets built, but sales remain weak despite a series of moves meant to entice families into back into the market.

Since most Chinese families have their wealth tied up in property, the anemic housing market has been a major factor crimping consumer spending. In July, retail sales rose 3.7%, the slowest rate in seven months and down from a 4.8% increase in June.

The unemployment rate rose to 5.2% from 5% as university graduates began looking for work.

While consumer prices rose 0.4% in July from the month before, prices at the wholesale level slipped 3.6% from a year earlier in another indicator of relatively weak demand.