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Browsing: Oil in Libya
- North Africa GDP was negative -1.1 per cent (2020) and -5.1 percentage point drop over 2019
- But the region is expected to recover pre-pandemic, propelled by oil and tourism industry
- Vaccination is still an important element in supporting the region towards recovery
The African Development Bank (AfDB), one of Africa’s multilateral development finance institutions, has released its 2021 edition of the North Africa Economic Outlook published on November 3, noted several interesting developments, including the potential for the economy to rebound attributed to performance in oil and tourism.
The COVID-19 pandemic trapped North Africa in economic uncertainty, as growth was hugely affected, causing serious shocks in oil prices and a drop in tourism.
The bank report noted that real GDP growth was negative in 2020 at – 1.1 per cent and – 5.1 percentage point drop over 2019. This situation pulled different sorts of reactions to curb the impacts, such …