World Bank: Libyan Economy May Shrink by 60%

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The World Bank predicts that oil exporters in the Middle East and North Africa (MENA) region will lose more than 230 billion dollars of crude oil revenues this year, if oil prices remain at current levels.

According to the British “Global Plates” agency, the World Bank expected Libya, which has Africa’s largest proven oil reserves, to be the most affected in the MENA region. Its oil production has almost come to a complete standstill due to the current conflict and its expected that the Libyan economy will shrink by 60% as a result of the domestic blockade.