Libya has achieved significant progress on the path of its economic recovery driven by a strong rebound of oil production and the devaluation of the currency, says the World Bank (WB).
In a report Sunday, the WB attributed the progress to the stabilization of oil production in the country in 2020 and the flexibility of international oil prices, which positively impacted the trade, fiscal, and current account balances.
“Oil production has averaged 1.2 mb/d during the first half of 2021, compared to an average of 0.3 mb/d during the first 9 months of 2020 and 0.9 mb/d during the fourth quarter of the year.”
The report outlined that the country is set for further recovery depending on the developments of the political process, including the December elections and the security situation stability.
“If presidential and parliamentary elections and the reunification of public institutions proceed, and oil production persists, Libya is projected to record a GDP growth rate of 78.2% in 2021. In turn, trade and current account balances are projected to register double-digit surpluses as a share of GDP, according to the WB report.
