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Libya beyond the Revolution: Challenges and Opportunities

Author

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

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.

Suggested Citation

  • Al-Darwish, Ahmed & Cevik, Serhan & Chami, Ralph & Charap, Joshua & George, Susan & Gracia, Borja & Gray, Simon & Pattanayak, Sailendra, 2012. "Libya beyond the Revolution: Challenges and Opportunities," MPRA Paper 82683, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:82683
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    File URL: https://mpra.ub.uni-muenchen.de/82683/1/MPRA_paper_82683.pdf
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    References listed on IDEAS

    as
    1. Serhan Cevik & Mohammad H. Rahmati, 2020. "Searching for the finance–growth nexus in Libya," Empirical Economics, Springer, vol. 58(2), pages 567-581, February.
    2. Carlos Caceres & Serhan Cevik & Ricardo Fenochietto & Borja Gracia, 2015. "The Day After Tomorrow: Designing an Optimal Fiscal Strategy for Libya," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(4), pages 32-50, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Libya; Economic conditions; Civil War; Oil sector; Finance; Public finances;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • E0 - Macroeconomics and Monetary Economics - - General
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • P0 - Political Economy and Comparative Economic Systems - - General

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