The Libyan economy is growing this year, according to a new IMF report

WASHINGTON, DC – Economic activity in Libya is likely to rebound this year as the country rebuilds from civil war and oil production increases to levels last seen during Muammar Gaddafi's rule, the International Monetary Fund said on Tuesday.

In a report on Libya's economy conducted in May but only published on Tuesday, the IMF forecasts growth will skyrocket to 116.6 percent this year following a contraction of 60 percent in 2011. Growth next year is expected to reach 16.5 percent, the IMF added.

As imports start returning to normal, consumer price inflation should be contained at 10 percent despite pressure on prices from supply bottlenecks in housing and transportation, the IMF added.