دور التطور المالي في تحفيز النمو الاقتصادي المستدام في الجزا ئر خلال الفترة 2000 - 2024

Abstract

This study aimed to examine and analyze the impact of financial development on sustainable economic growth in Algeria during the period (2000–2024). The study found that the financial depth index has a weak impact on Gross Domestic Product (GDP) and overall economic growth in Algeria. The research identified a multi-directional causal relationship, noting specifically that economic growth drives financial development. The financial system remains highly sensitive, with notable weaknesses recorded in financial inclusion indicators and the efficiency of banking intermediation. Consequently, the study emphasized the necessity of accelerating digital transformation, modernizing banks, and activating alternative financing sources to diversify the economy and achieve sustainable growth. Furthermore, economic growth in Algeria was characterized by volatility due to its dependence on energy revenues. The findings showed that Algeria's economic growth experienced fluctuating trends between 2000 and 2024. It recorded high rates, peaking at over 6% in 2003, followed by periods of rise and fall dictated by general economic conditions and oil prices. It also saw a significant decline in 2020, dropping to a negative rate due to the repercussions of the COVID-19 pandemic, before recovering in 2021 and stabilizing at levels close to 4% in recent years. Meanwhile, economic policy succeeded in establishing the structural and institutional framework for the public sector. After estimating the relationship between financial development and economic growth, the Vector Autoregression (VAR) model revealed a positive short-term impact for both the money supply and trade openness, as opposed to a negative impact observed for some of the other study variables.