A recent World Bank report has claimed the Libyan economy is "near collapse" due to inflation and lack of oil production. The report, titled "Libya's Economic Outlook - October 2016" suggested that Libya's lack of exploitation of its main resource, oil, is partially to blame for the country's economic problems. Libya also faces inflation and trade deficit issues, as well as political instability due to the fall of dictator Moammar Gadhafi five years ago.
"With oil production just a fifth of potential, revenues have plummeted, pushing fiscal and current account deficits to record highs. With the dinar (Libya's currency) rapidly losing value, inflation has accelerated, further eroding real incomes," the report said.
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