IFM says Libya's economy will grow by 8% in 2024

The International Monetary Fund said that Libya's gross domestic product recorded a growth of 10% in 2023 and it expects a growth of 8% in 2024. This is largely due to the recovery after the cessation of oil production in 2022, Libya's economy depends on natural resources like gas and oil.

The IFM expects Libya's oil production to reach 1.5 million barrels per day by 2026. The organization recommended adopting a long-term economic strategy aimed at diversifying resources away from oil and gas and promoting stronger and more comprehensive growth led by the private sector.

13-May-2024: