Home / Economy / The World Bank: Failure to achieve political stability in Libya is detrimental to economic growth.

The World Bank: Failure to achieve political stability in Libya is detrimental to economic growth.

The World Bank said Sunday that the failure to achieve political stability in Libya was hurting the country’s long-term economic growth.

In its annual report issued in January, the bank added that oil production in the Middle East and North Africa region is expected to recover, supported by the rapid rise in Libyan production, after the signing of the ceasefire agreement between the two parties.

The financial institution expected growth among oil exporters to recover to 1.8% this year, after OPEC + agreed to reduce production and phase out local restrictions related to the Coronavirus.

The bank hinted that the effects of internal political and geopolitical tensions continue to pose a risk to growth and undermine greater trade integration.

It is worth noting that a World Bank report in October 2019 confirmed that the ongoing war in the vicinity of Tripoli has eliminated the momentum of the relative economic recovery that the country witnessed between 2017-2018.

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