Despite substantial progress toward economic adjustment, in 1992 the reform drive stalled as Algiers became embroiled in political turmoil. In September 1993, a new government was formed, and one priority was the resumption and acceleration of the structural adjustment process. Progress on economic reform, a Paris Club debt rescheduling in 1995, and oil and gas sector expansion have contributed to a recovery since 1995. Investments in developing hydrocarbon resources are likely to maintain growth and export earnings. Continuing but gradual government efforts to attract foreign and domestic investment outside that sector seek to diversify the economy and tackle problems of high unemployment and falling living standards, problems as yet untouched by the macroeconomic turnaround.
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