Despite repeated plans to diversify the economy, Algeria remains dependent on oil and gas for a whopping 60% of budget revenue and over 93% of 2018 export earnings, shares that have barely shifted in recent decades.
As long as oil prices were over $100/B, as was the case from late 2010 until 3Q 2014, Algiers managed to paper over the cracks. But, as Warren Buffet said, it’s when the tide goes out that you can see who’s been swimming naked. And Algeria’s birthday suit ain’t a pretty sight. (CONTINUED - 1998 WORDS)