Oil and economic development: Libya in the post-Gaddafi era

Issa Ali and Charles Harvie

Economic Modelling, 2013, vol. 32, issue C, 273-285

Abstract: Libya experienced traumatic political and economic upheaval during 2011 arising from an eight-month-long civil war that cost thousands of lives, resulted in major economic dysfunction, destroyed part of the country's infrastructure, almost halted oil production, the country's major source of revenue generation and exports, as well as destroyed part of the sector's support infrastructure. While the civil war resulted in the ending of 42years under Muammar Gaddafi rule, the economic legacy as represented by the costs of reconstruction efforts is enormous. While the freeing up of tens of billions of dollars of frozen assets may be the key to the country's short-term rehabilitation, longer-term reconstruction, growth and stability will fundamentally depend upon rehabilitating the country's oil sector. Interestingly, this rehabilitation will also have a wider global impact.

Keywords: Oil related shocks; Libya; Dynamic macroeconomic model; Simulation analysis; Policy implications (search for similar items in EconPapers)
JEL-codes: E27 E60 Q33 Q43 Q48 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:32:y:2013:i:c:p:273-285

DOI: 10.1016/j.econmod.2013.01.022

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