Tripoli, Libya ranked first in the world in terms of real GDP growth in 2018, with 16.4% according to an announcement by the International Monetary Fund IMF. The IMF has forecast that Libya would be the fastest growing country this year, citing increasing oil production levels which could raise revenues by 80% to $24 billion against $13 billion in 2017. In April the World Bank has predicted Libyan economic growth to recover by 15% in 2018, and to grow by an average 7.6 between 2019 and 2020. It indicated that the state budget and the balance sheet would gain surpluses starting from 2020 as foreign reserves grow. Experts and economic specialists said the figures were not accurate, given that the IMF focused on oil production growth, without considering a slowdown in productive sectors including agriculture, industry and services since 2016.
Source: Libya News Agency