Libya's economy vulnerable to future shocks, African Development Bank says

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Libya's economy vulnerable to future shocks, African Development Bank says

February 04, 2020 - 12:43
Written by: SafaAlharathy

The African Development Bank has said that the Libyan economy is vulnerable to future shocks, due to faltering economic diversification plans, with the government totally relying on energy exports in its budgeting process, noting that oil prices have dropped and inflation crept up as a result of the war on Tripoli.

In its report on economic prospects in Africa 2020, released yesterday, the bank stated that the growth of the Libyan economy during the years 2020 and 2021 will depend on boosting oil production.

It indicated that real GDP growth slowed to an estimated 4% in 2019 due to lower oil prices.