Enhanced Trade Integration with Europe: Prospects of Growth and Development for Libya
AbstractThe paper deals with the prospects of economic recovery and growth of Libya after the suspension of the UN sanctions. Here the risks and chances of Libya’s participation in the so-called ‘Barcelona Process’ are viewed. Based on the results of a similar study for Egypt and an empirical analysis of Libya’s trade performance, the findings suggest that Libyan-EU trade is characterised on the one hand by a high gravity, but on the other hand by a strong dissimilarity, making economic integration difficult. Free-trade as a stand-alone measure would not be necessarily conducive to Libya, however, the secondary effects of free trade, fuelled by enhanced incentive to pursue courageous structural reforms could have important effects on an improvement of international economic competitiveness of Libya, a dire need with a view to the limited crude oil resources.
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Bibliographic InfoPaper provided by EconWPA in its series Development and Comp Systems with number 0411023.
Length: 18 pages
Date of creation: 25 Nov 2004
Date of revision:
Note: Type of Document - doc; pages: 18
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European Integration; Free Trade; Gravity; Intra-industry Trade; Similarity of Trade;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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