5 Fastest Developing Countries in 2023

2. Libya

2023 Growth Percentage Change: 17.5%

Libya’s GDP was worth 42.82 billion USD in 2021, and the official estimate for Libya’s GDP was $121 billion at the end of 2022 in purchasing power parity terms. Libya’s economy relies heavily on income generated from its petroleum industry, which accounts for more than 95% of its export earnings and 60% of its GDP. As a result of this, and due to its relatively small population, Libya has one of Africa’s highest nominal per capita GDP figures.