ESCWA: The economic cost of the conflict in Libya exceeds $576 billion

Beirut. December 2, 2020-The total cost of the conflict in Libya from its outbreak in 2011 to date has been estimated at 783 billion Libyan dinars. That’s about 576 billion U.S. dollars at the official exchange rate. There are multiple exchange rates. This is highlighted in a new report released today by the United Nations Economic and Social Commission for Western Asia(ESCWA) titled “The Economic Cost of the Conflict in Libya“. According to the report The conflict has led to a severe contraction of the Libyan economy. GDP fell and investment rates plummeted. Consumption has also shrunk as foreign workers return to their home countries and the income of Libyan nationals declines. Foreign trade has slowed as exports of some key products, such as oil, have fallen sharply. However, the impact on imports was more severe as the construction and building sectors contracted.