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LIBYA'S ECONOMY FACES THE PROBLEM of all oildependent economies, namely that its meagre diversification puts the country's economic growth, government investment programmes and macroeconomic indicators at themercy of fluctuations in the energy market. Another problem, typical of countries making the transition to a market economy, is that its weak institutions, unsuitable legal system and structural rigidity slow down the reforms needed. In addition, Libya was for many years subject to international economic sanctions imposed by theUnited Nations (1992‐99) and the United States (1986‐2006). The overall result has been Libya's isolation from world trade, keeping away the foreign direct investment (FDI) that such a country traditionally needs for its oil and gas industry.
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Document Type: Review Article

Publication date: May 1, 2008

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