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World Bank says Libyan economic loss in 10 years has reached $600 billion
A report by the World Bank said that the losses of the Libyan economy over 10 years amounted to 600 billion dollars at constant value of 2015.
The World Bank added in its report that the economic and political conditions in the country had a significant impact on the state of instability in the country, noting that if it were not for the conflict, Libya would have achieved a local production of 74% during 2023 alone.
Regarding oil production, the World Bank’s report expected it to recover to 1.2 million barrels per day next year, and 1.3 million in 2026, which will boost GDP growth to 9.6% in 2025, and 8.4% in 2026.
The report also expected non-oil GDP growth to reach about 9% during 2025-2026, in addition to recording public finance surpluses and external balances of 1.7 and 1.4% of GDP, due to lower spending and imports, despite the decline in oil revenues in 2024.
The World Bank’s report included Libya among the middle-income countries with a per capita gross national income of $7,570 in 2023, indicating that Libya can unleash high-value job opportunities and enhance its development indicators by prioritizing non-oil sectors and encouraging private sector-led growth.
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