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IMF publishes shocking inflation forecasts for Libyan economy

Libyan economy

Tripoli, (Business News Report)|| The International Monetary Fund published shocking data on inflation in the Libyan economy, and the suffering of the oil-rich country.

The IMF said that commodity prices in Libya will continue to rise in conjunction with an additional rise in inflation rates.

The international financial corporation also expected a rise in inflation rates to reach 3.7% this year, with the possibility of it dropping to 2.4% next year.

In a report entitled “Global Economic Outlook 2022“, the fund said that the reliability of Libyan data, especially with regard to medium-term accounts and expectations, is low, against the background of the war and weak capabilities.

The IMF added that Libyan GDP growth will reach 3.5% this year and is expected to rise to 4.4% in 2023 and fall to 3.6% in 2027, according to the data on the global economic prospects.

The Governor of the Central Bank of Libya, Siddiq Al-Kabeer, had earlier discussed with the Director of the Middle East and Central Asia Department of the IMF Jihad Azur and the Deputy Director of the Financial and Monetary Markets Department, Miguel Savastano, the IMF’s support for the bank’s capabilities in the field of statistics, indicators and policies.

The Libyan economic analyst, Mohamed Al-Rafadi, said that oil is what made the Libyan economy hostage to fluctuations.

Al-Rafadi added that this depleted resource, which has never met a parallel plan, diversifies the sources of income for the Libyan state, and this persistent prejudice has led the country to rely completely on hard currency rates.

The Libyan economic analyst pointed to any negative external impact, from which the inside is directly affected, adding that we are specifically in these days with the rise in global oil prices, which is supposed to create many opportunities to put palliatives that achieve a curb on inflation, it has been closed again as a result of a political conflict between antagonistic powers.

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