Libyan economic growth in 2012 “exceeded 100%, reflecting a strong recovery from its collapse during the revolution,” the International Monetary Fund (IMF) said on 8 March following Article IV consultation in Tripoli.

Given the continued ramp-up in reconstruction expenditure and private demand, the IMF projects non-hydrocarbon growth to average a bumper 15% for 2013-18. But Libya needs to reduce its overwhelming economic dependence on oil exports in order to reduce its vulnerability to potential oil price shocks, the Fund warns. (CONTINUED - 662 WORDS)