On Sunday, the Arab League Secretary-General Ahmed Aboul Gheit confirmed that Libya’s economic losses since 2011 have reached more than $500 billion, citing a report issued by the UN.
Aboul Gheit explained that if the deteriorating conditions in Libya continued for another five years, the waste and losses would reach a trillion dollars. The Secretary General expressed his regret over the Arab Spring which unfolded in the early 2010s. He described it as “a great tragedy” and said, “Spring is when flowers and roses bloom, but what the Arab region has witnessed is incredible, as the killing has spread greatly.”
Last week, the United Nations Economic and Social Commission for Western Asia (ESCWA) reported that the cost of the conflict in Libya has exceeded US$576 billion. According to the report, the conflict has drastically shrunk the economy, reduced Libya’s gross domestic product (GDP) and investment rates.
The report noted that if the conflict continues until 2025, it may add a further US$462 billion to the total cost estimated today.