Libya

LIBYA’S ECONOMY FACES THE PROBLEM of all oildependent economies, namely that its meagre diversification puts the country’s economic growth, government investment programmes and macroeconomic indicators at themercy of fluctuations in the energy market. Another problem, typical of countries making the...

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Bibliographic Details
Published inAfrican Economic Outlook 2008 pp. 373 - 383
Format Book Chapter
LanguageEnglish
Published Paris OECD Publishing 26.05.2008
SeriesAfrican Economic Outlook
Online AccessGet full text
ISBN9264045856
9789264045859
ISSN1995-3909
1999-1029
DOI10.1787/aeo-2008-21-en

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Summary:LIBYA’S ECONOMY FACES THE PROBLEM of all oildependent economies, namely that its meagre diversification puts the country’s economic growth, government investment programmes and macroeconomic indicators at themercy of fluctuations in the energy market. Another problem, typical of countries making the transition to a market economy, is that its weak institutions, unsuitable legal system and structural rigidity slow down the reforms needed. In addition, Libya was for many years subject to international economic sanctions imposed by theUnited Nations (1992-99) and the United States (1986-2006). The overall result has been Libya’s isolation from world trade, keeping away the foreign direct investment (FDI) that such a country traditionally needs for its oil and gas industry.
ISBN:9264045856
9789264045859
ISSN:1995-3909
1999-1029
DOI:10.1787/aeo-2008-21-en