GDP growth rate of African countries 2021, by country
In 2021, Libya's GDP is estimated to grow by 131 percent compared to the previous year. 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 GDPs of Kenya, Mauritius, Botswana, and Niger might increase by around seven percent during 2021.
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.
