Libya's real GDP growth rate was 94% in 2021, with a real GDP of $73.5 billion
Libya, Maldives, Guyana, Macau, and Aruba were among the world's five fastest-growing economies in terms of real GDP growth rate in 2021
COVID-19, the Russia-Ukraine war, and rising inflation have caused a slowdown in the global economic growth
Outlook on Global Economy Growth
Real GDP growth is the annual percentage growth rate of GDP at market prices based on constant local currency.
The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. The US is the largest economy in the world, with a real GDP of $18.7 trillion in 2021, which rose 5.7% over the previous year. China is one of the fastest-growing economies; it grew at a CAGR of 7% between 2010 and 2021.
Overview of Libya’s Real GDP Growth Rate
Libya was the fastest growing economy in the world, with a growth rate of 94% in 2021. Libya's real GDP increased to $73.5 billion in 2021 from $38 billion in 2020. The African nation's economy declined at a negative CAGR of 0.2% between 2010 and 2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
More cases have been reported globally due to Omicron, a new COVID-19 variant, which has disrupted supply chain management. However, the worldwide vaccination campaign has decreased COVID-19 fatalities.
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several major corporations have ceased operations there.
Rising Inflation and Interest Rates:
The inflation rate in developing and advanced economies have been rising, causing central banks to tighten monetary policy and raise interest rates to control price rises. However, a sustained rise in interest rates could push some economies into financial distress.
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