Libya is likely to become one of the ten fastest growing countries in the world in 2021, with GDP growth of up to 20.9% supported by a recovery in oil and gas production, according to The Economist.
Libya's high growth rate reflects a modest recovery from the disaster of war, with Macau, an autonomous island on China's southern coast, projected at 35% growth, followed by Guyana, the second-largest country in South America with a projected growth rate of 23%.
The other countries listed after Libya were, respectively, the British Virgin Islands, the Netherlands Saint Martin, Peru, Albania, British Antigua and Barbuda, the Maldives and Saint Lucia. The report described their growth rates as "staggering" but said they "represent only a partial recovery "from the impact of the coronavirus pandemic.
This forecast for the recovery of the Libyan economy repeats the growth scenario of 2017 and 2018 when the economy recovered at a record 20.8% on average, against a slowdown in 2019 and 2020 as real GDP growth fell sharply to 2.5%, affected by the escalation of the Tripoli war and the decline in oil production from 1.2 million barrels per day in December 2019.