The World Bank released a new report on Monday titled “Equal Opportunities Towards Private Sector Growth,” indicating that the Libyan economy is showing positive indicators despite existing challenges.
The report forecasts that Libya’s non-oil gross domestic product experienced 7.5% growth during 2024. This expansion is attributed to significant support from private and public consumption, which has partly offset the economic contraction in overall GDP last year by 0.6%, a decline resulting from a 6% decrease in oil output.
The World Bank clarified that Libya remains fundamentally reliant on its oil sector, urging the adoption of structural reforms to enhance the contribution of non-oil sectors. The report also projects that average crude oil production in 2025 will reach approximately 1.3 million barrels per day, a level surpassing the upper limit of average production over the last decade, representing a 17.4% increase compared to 2024.
The report added that Libya comprises around 190 public companies, including oil entities and others operating in services and finance. It noted that these companies face formidable obstacles related to infrastructure and banking services, and suffer from continuous losses alongside high employment rates.