Libya beyond the Revolution: Challenges and Opportunities

Ahmed Al-Darwish, Serhan Cevik, Ralph Chami, Joshua Charap, Susan George, Borja Gracia, Simon Gray and Sailendra Pattanayak

MPRA Paper from University Library of Munich, Germany

Abstract: Libya’s popular revolution of 2011 has unleashed the potential for more diverse and inclusive growth. In the short term, the country faces the complex and costly tasks of rebuilding its economy, infrastructure, and institutions, and responding to the demands of its population, especially for improved governance. The conflict that accompanied the revolution had a severe impact on the economy, which is heavily dependent on hydrocarbons, but the contraction is expected to be temporary. The restoration of hydrocarbon production is already well advanced, and reconstruction efforts will boost non-hydrocarbon output growth in the coming years. Libya’s wealth opens a choice of paths for the future: it can fall into the trap of many resource-rich countries that have become overly reliant on revenues from finite natural resources and failed to diversify their economies, or it can pursue a course of sustainable, inclusive development led by increased private-sector activity.

Keywords: Libya; Economic conditions; Civil War; Oil sector; Finance; Public finances (search for similar items in EconPapers)
JEL-codes: A1 E0 E3 E5 E6 P0 (search for similar items in EconPapers)
Date: 2012-11-01
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