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

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  • Ali, Issa
  • Harvie, Charles
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    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.

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    Bibliographic Info

    Article provided by Elsevier in its journal Economic Modelling.

    Volume (Year): 32 (2013)
    Issue (Month): C ()
    Pages: 273-285

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    Handle: RePEc:eee:ecmode:v:32:y:2013:i:c:p:273-285

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    Web page: http://www.elsevier.com/locate/inca/30411

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    Keywords: Oil related shocks; Libya; Dynamic macroeconomic model; Simulation analysis; Policy implications;

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