Wednesday, May 02, 2012
(This story was originally published Tuesday.)
DUBAI (Zawya Dow Jones)--Libya's economy has turned a corner following last year's civil war and is slated to grow 12% this year, the country's economy minister said Tuesday.
"We are done with any contraction," Ahmed Al Koshli said on the sidelines of a conference in Dubai. "Our economy is growing and it is expected to record a 12% growth this year."
The International Monetary Fund is expecting much larger gains this year for Libya's economy, reversing a shrinkage last year. Real GDP in Libya is expected to rebound 76.3% in 2012, according to the IMF, after contracting 61% last year.
The return to growth follows the installation of an interim government, after the ousting of former Libyan leader Moammar Gadhafi in October.
Growth was currently backed by oil, Al Koshli said, but the country also had small industries, a services sector and commodities.
Libya was moreover setting up a plan to attract further foreign investment and boost the economy, he added.
"We are in the process of setting an investment map at the moment and we have been sending out delegations abroad to get expertise and see investors' sentiments," he said.
Turkey was the main country interested in investing in Libya, he said, and investors were looking at telecommunications, renewable energy, services and free zones. Al Koshli could not give the size of foreign investments however as Libya has "lost the archives during the war."
"Our infrastructure has been badly damaged and we are concentrating on reviving it," he said.
-By Leila Hatoum and Asa Fitch, Dow Jones Newswires; +971-4-446-1686; leila.hatoum@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
02-05-12 0344GMT
