GDP to Shrink this year, then Recover

By John Lee.

A new report from the International Monetary Fund (IMF) has forecast that the Libyan economy will contract dramatically this year due to continuing civil war in the country.

In its October World Economic Outlook, it says that Libya's gross domestic product (GDP) is expected to shrink by 19.8 percent this year.

The report goes on to predict growth rates of over the coming five years (2015-2019) of 15.0 percent, 18.3 percent, 12.8 percent, 11.1 percent, and 9.4 percent respectively, giving an average growth rate of 13.3 percent over the period.

(Source: IMF)

(GDP image via Shutterstock)

No comments yet.

Leave a Reply