Ahmad 
The Libyan Minister of Economy and Trade in the outgoing Government of National Unity, Mohammed Al-Hawij, predicted that the growth rate will reach 8% in the coming years, contrary to World Bank estimates that set it between 4.8% and 5.8% from 2024 to 2026.
In his remarks during an interview with “CNN Economic” on the sidelines of the World Economic Forum in Riyadh, Al-Huwaij stressed the importance of the oil sector as a key driver of economic prosperity in the country.
Oil revenues currently account for about 90 percent of Libya’s economic activity, and oil revenues reached 99.1 billion Libyan dinars (about $20.69 billion) last year.
Libya aims to reach daily production of 1.4 million barrels by the end of 2024, with ambitions to reach 2 million barrels per day within the next three years.
The private sector is also an important factor in economic growth, growing by more than 35% in 2023 compared to 2021.
Despite optimism about record growth figures, there are many obstacles to achieving these figures, including instability and US intervention in western Libya, compared to the more stable east.
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