He believes that the example of Canada could greatly inspired Algeria. Canada has grown because it has made a major trade agreement with its large American neighbor.
The President of the Club of action and reflection on the society (Care), Slim Othmani, said the other day, at a dinner debate organized in El-Aurassi, the social economic pact, signed by employers, and the UGTA Government "is more relevant than ever."
This document, "the content of which was, unfortunately, lost sight", he sums up, according to Care, the meaning of the word "inclusion", a topic that was discussed at the meeting, great, attended by 300 guests from different backgrounds, economic, academic, cultural, media, political and institutional, and led by two world-renowned experts: Hernando de Soto, a Peruvian economist liberal known for his work on the informal economy, and Philippe de Fontaine Vive, economist and former Vice President of the European Investment Bank (EIB). "We could not find two more qualified to tell us about economic inclusion," said Slim Othmani.
For the latter, one of the most powerful brakes on the implementation of major reforms of the Algerian economy is the existence of an active population on the sidelines of the real economy and on the edge of the real financial system that shows, in the latest estimates, more than 50 % of gross domestic product.
On the other hand, the president of Care believes that "the inclusion of this population in the real economy can not live with a financial system that is slow to reform and whose financing needs offers better tools and more attuned to the needs of the modern world. " It should, perhaps, remember, Care had already, in 2012, tried to make the government aware of the importance of dealing with the informal sector.
Things have changed. Meanwhile, the government has launched a program of tax obligations, to drain money from the informal into the banking system. But Hernando de Soto, the informal economy must be considered as a whole.
From the history of the United States, Hernando de Soto shows that economic development can only take place when the formal legal system finds a way to integrate all of these informal norms, stressing the right of ownership. Philippe de Fontaine Vive said he was surprised, reading the comments of the press on the budget law, the reasoning is national rather than international, because of the urgency to integrate Algeria into the international economy. Both strengths of Algeria, which are hydrocarbons and demographics, are involved "seriously" today. "We should not be obsessed by the internal market", says economist. Philippe de Fontaine Vive believes that Canada's example could inspire many Algeria.
Canada has grown because it has made a major trade agreement with its large American neighbor. "Algeria can Canada become a euro-African," he suggested. "It 's urgent to this place if others can do it," warned Philippe de Fontaine Vive. The economist suggested three courses of action, in financial inclusion. First, it aims to invest in microcredit. The second track action on banks.
The Algerian banking sector is one that has the interest margin more important in the region. "There is not enough competition. There are new entrants. There are not enough incentives to take risks on small and medium enterprises," the economist concluded by stressing the urgent need for banking reform. The third track of the financing of major projects by the market through structured finance. "You have a good image. We must use time to invest in projects that will help create jobs in the private sector", the economist suggests.
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