GDP growth rate of African countries 2020, by country
During 2020, Libya's GDP is estimated to have decreased by 66.7 percent, an enormous drop. In fact, no country in the world is believed to have suffered such a great impact of the pandemic in terms of economic loss. The Gross Domestic Product of Mauritius, Zimbabwe, and Seychelles experienced a decrease by over ten percent, ranking among the countries witht the largest drop in GDP growth rate in Africa as well as worldwide.
The Libyan economy is very much dependent on the oil sector. In Libya, oil rents normally account for over 40 percent of the GDP. A decrease in oil demand and a consequent drop in prices might have played a major role in causing such a large drop in the country's GDP.
The Libyan economy is very much dependent on the oil sector. In Libya, oil rents normally account for over 40 percent of the GDP. A decrease in oil demand and a consequent drop in prices might have played a major role in causing such a large drop in the country's GDP.
