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Strassen's algorithm is considered efficient because it reduces the number of multiplications required for matrix multiplication. While additions and subtractions may have similar computational speeds to multiplications, they still require computational resources, and reducing their frequency can save time. Strassen's algorithm divides the matrices into smaller submatrices and recursively computes their products using fewer multiplications than the standard algorithm. This results in a lower computational complexity and faster execution time. However, for very small matrices, the overhead of dividing them into smaller submatrices and computing their products may outweigh the benefits of using Strassen's algorithm.