ESCWA: Economic cost of conflict in Libya exceeds US$576 billion

Beirut, 2 December 2020 – The total cost of the conflict in Libya since its outbreak in 2011 to date has been estimated at 783 billion Libyan dinars, or about 576 billion US dollars, according to the official exchange rate, although there are multiple exchange rates. This is highlighted in a new report issued today by the United Nations Economic and Social Commission for Western Asia (ESCWA) entitled “The Economic Cost of the Conflict in Libya”. According to the report, the conflict has led to a sharp contraction in the Libyan economy, with GDP declining and investment rates declining. Consumption has also declined due to the return of foreign workers to their countries of origin and the income of Libyan citizens has declined. Foreign trade has slowed due to a significant decline in exports of some key products such as oil, but the impact has been more severe on imports due to the contraction of the construction and building sectors.