Economy to Shrink by 5%

The International Monetary Fund (IMF) has re-confirmed that the Libyan economy is forecast to fall by 5.1 percent in 2013 due to the disruptions in oil production.

Launching the IMF's Regional Economic Outlook report in Dubai, Masood Ahmed (pictured), the IMF Middle East and Central Asia director, said the government will also experience a budget deficit, instead of enjoying a surplus.

The economy grew by 104.5 percent last year, following a contraction of 62.1 percent in 2011 due to the revolution.

(Sources: Libya Herald, AFP)

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