The economic situation in Libya could become better than the current one in the medium or short term, but there are risks deriving from the presence of two governments and fears of new tensions that increase the level of “mistrust”, the World Bank said.
During an event organized by the Tripoli-based government, Eric Le Borgne, the World Bank representative for the Middle East and North Africa, also mentioned the “external risks” that have consequences on the Libyan economy, namely the COVID-19 pandemic and the conflict in Ukraine.
The official noted that the conflict that broke out in 2011 has significantly affected the standard of living of Libyan citizens, who have paid the consequences on an economic and social level especially in the two-year period 2019-2020.
However, starting with the ceasefire agreement of October 2020, he expressed hope that Libya could see a “notable” economic recovery.