The International Monetary Fund (IMF) has expected that Libya will record the fastest economic growth in 2023, at 17.9%, while the oil economy will grow by about 22%.

The Fund stated in a report that the rise in crude oil prices and the strong growth of non-oil GDP are offsetting the impact of rising food prices due to the Russian-Ukrainian war.

Due to the production cuts decided by the OPEC + group, and with the decline in oil prices, the growth of the economies of the oil countries will decline by 3.5%, the report added.

It also indicated that inflation in the Middle East and North Africa regions for 2023 will range between 12.1% and 11.2%, compared to 2022, in which it ranged between 11% and 8.6%.