Ongoing conflict will cost Libya 1 trillion dollars
Study conducted by United Nations shows staggering loss of the conflict since 2011
According to a study by the United Nations Economic and Social Commission for Western Asia (ESCWA), the ongoing Libyan conflict will cost the country one trillion dollars in lost income.
The study which is dubbed ‘Economic Cost of the Libyan Conflict’ reported that since the 2011 revolution of February 17th, the country has lost 783 billion Libyan dinars (575 billion dollars according to official exchange rates) due to an increasingly shrinking economy and a steep decline in the gross domestic product (GDP) and investment rates.
The study also showed that major factors that have increased economic losses, such as corruption, destruction of capital assets, construction, agriculture and manufacturing sectors, the decline in oil prices on global financial markets, and the diversion of resources from health care, education and infrastructure to military spending
The study added that conflict has deeply affected the economies of neighbouring countries, including Egypt, the Sudan and Tunisia, with which Libya has extensive economic relations in terms of trade, investment, and migrant workers.
The study concluded by stating that in the absence of a resolution in the upcoming years, the cost of the conflict between 2021 and 2025 will be 628.2 billion Li
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