Libya's Step towards Change

Najeb Masoud

doi:doi:10.11648/j.jwer.20130204.12

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Libya's Step towards Change

Najeb Masoud

Published in Journal of World Economic Research (Volume 2, Issue 4)

Received: 25 August 2013 Published: 30 September 2013

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Abstract

This paper has offered a comprehensive analysis of the macro environment of Libya and the performance and evolution of commencing financial sector development in the national economy. Following the 1969 revolution, the economy witnessed three major systems: the nationalism and socialism period, an open door policy period and, latterly, the economic reform programme. The economy experienced rapid expansion during the 1970s and early 1980s as real GDP grew by more than 10 per cent on average. This expansion was mainly financed by the oil revenue sector. In the mid-1980s economic growth slowed and the Libyan government started to experience reversionary trends. These later trends saw the collapse of oil prices and the Gulf war in 1990/1991. Following the collapse of its economy, Libya was forced to re-examine its policies and redirect its development strategies. The challenges of devising a strategic policy aimed at achieving the sustainable development of the Libyan economy are particularly linked to current official tendencies for restructuring the economy through increasing the role of the private sector and by continuing the process of privatising the public sector within the country. That outline, if achieved, would transform life for all Libyan citizens in terms of daily activities and the business environment.

Published in	Journal of World Economic Research (Volume 2, Issue 4)
DOI	10.11648/j.jwer.20130204.12
Page(s)	75-81
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2013. Published by Science Publishing Group

Keywords

Libyan Economy, Macro-Economic, Financial Maturity, Investment Policy, Economic Growth

References

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[2]	IMF International Monetary Fund (2006). Socialist People’s Libyan Arab Jamahiriya Country Economic Report, World Bank Report, (30295-LY).
[3]	Karshenas, M. (1994). Structural adjustment and Employment in the Middle East and North Affric", Economic Research Forum Working Paper (9420), Cairo.
[4]	CEPS Centre for European Policy Studies (2005). From Barcelona process to neighborhood policy assessments and open issue Michael Emerson and Gergana Noutcheva, CEPS Working Document, (220) March, pp.1-23.
[5]	Levine, R. (1997). Financial development and economic growth: views and agenda, Journal of Economic Literature, 35(2), pp.688-726.
[6]	King, R.G. and Levine, R. (1993a). Financial, entrepreneurship and growth: theory and evidence, Journal of Monetary Economics, 32(3), pp.513-542.
[7]	King, R.G. and Levine, R. (1993b). Finance and growth: Schumpeter might be right, Quarterly Journal of Economics and Statistics, 3(3), pp.717-737.
[8]	Mackenzie, M., Gray, A., Bullock, N. and Gangahar, A. (2008). US stocks plummet to 3-Year lows [online] Available at: [Accessed 16th July 2013).
[9]	NARS National Authority for Research Science. (1992). General principles for restructuring the Libyan economy, Summer, Unpublished Study, p. 14.
[10]	Libyan Arab Jamahiriya, Libya's Revolution 30 years. (2000). Political and economic transformations 1969-1999. 2nd ed. Republic House for Publication and Distribution, Widely, p.255, (in Arabic).
[11]	CBL Central Bank of Libya. (2004). Research and statistics, economic bulletin, 48th annual report, Tripoli, Libya.
[12]	CBL Central Bank of Libya. (1966-2000). Research and statistics, economic bulletin, money and statistics.
[13]	CBL Central Bank of Libya. (2006). Fiftieth annual report.
[14]	CBL Central Bank of Libya. (2007). Research and statistics, economic bulletin, 51st annual report, Tripoli, Libya.
[15]	CBL Central Bank of Libya. (2008). Economic bulletin for the 1st quarter of the year 2008.
[16]	IEA Investment Enhancement Agency, Annual Reports. (2000-2005).
[17]	Omran, M. and Bolbol, A. (2003). Foreign direct investment, financial development, and economic growth: evidence from the Arab countries," REV. Middle East Economic Finance, 1 (3), pp.231-249.
[18]	AOGI Arab Organization for Guarantee of Investment. (2004). Investment climate in Arab countries.

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APA Style

Najeb Masoud. (2013). Libya's Step towards Change. Journal of World Economic Research, 2(4), 75-81. https://doi.org/10.11648/j.jwer.20130204.12

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ACS Style

Najeb Masoud. Libya's Step towards Change. J. World Econ. Res. 2013, 2(4), 75-81. doi: 10.11648/j.jwer.20130204.12

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Najeb Masoud. Libya's Step towards Change. J World Econ Res. 2013;2(4):75-81. doi: 10.11648/j.jwer.20130204.12

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@article{10.11648/j.jwer.20130204.12,
  author = {Najeb Masoud},
  title = {Libya's Step towards Change},
  journal = {Journal of World Economic Research},
  volume = {2},
  number = {4},
  pages = {75-81},
  doi = {10.11648/j.jwer.20130204.12},
  url = {https://doi.org/10.11648/j.jwer.20130204.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20130204.12},
  abstract = {This paper has offered a comprehensive analysis of the macro environment of Libya and the performance and evolution of commencing financial sector development in the national economy. Following the 1969 revolution, the economy witnessed three major systems: the nationalism and socialism period, an open door policy period and, latterly, the economic reform programme. The economy experienced rapid expansion during the 1970s and early 1980s as real GDP grew by more than 10 per cent on average. This expansion was mainly financed by the oil revenue sector. In the mid-1980s economic growth slowed and the Libyan government started to experience reversionary trends. These later trends saw the collapse of oil prices and the Gulf war in 1990/1991. Following the collapse of its economy, Libya was forced to re-examine its policies and redirect its development strategies. The challenges of devising a strategic policy aimed at achieving the sustainable development of the Libyan economy are particularly linked to current official tendencies for restructuring the economy through increasing the role of the private sector and by continuing the process of privatising the public sector within the country. That outline, if achieved, would transform life for all Libyan citizens in terms of daily activities and the business environment.},
 year = {2013}
}

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TY  - JOUR
T1  - Libya's Step towards Change
AU  - Najeb Masoud
Y1  - 2013/09/30
PY  - 2013
N1  - https://doi.org/10.11648/j.jwer.20130204.12
DO  - 10.11648/j.jwer.20130204.12
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 75
EP  - 81
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20130204.12
AB  - This paper has offered a comprehensive analysis of the macro environment of Libya and the performance and evolution of commencing financial sector development in the national economy. Following the 1969 revolution, the economy witnessed three major systems: the nationalism and socialism period, an open door policy period and, latterly, the economic reform programme. The economy experienced rapid expansion during the 1970s and early 1980s as real GDP grew by more than 10 per cent on average. This expansion was mainly financed by the oil revenue sector. In the mid-1980s economic growth slowed and the Libyan government started to experience reversionary trends. These later trends saw the collapse of oil prices and the Gulf war in 1990/1991. Following the collapse of its economy, Libya was forced to re-examine its policies and redirect its development strategies. The challenges of devising a strategic policy aimed at achieving the sustainable development of the Libyan economy are particularly linked to current official tendencies for restructuring the economy through increasing the role of the private sector and by continuing the process of privatising the public sector within the country. That outline, if achieved, would transform life for all Libyan citizens in terms of daily activities and the business environment.
VL  - 2
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Author Information

Najeb Masoud

Department of Banking and Finance, Al-zaytoonah University Business School

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APA Style

Najeb Masoud. (2013). Libya's Step towards Change. Journal of World Economic Research, 2(4), 75-81. https://doi.org/10.11648/j.jwer.20130204.12

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ACS Style

Najeb Masoud. Libya's Step towards Change. J. World Econ. Res. 2013, 2(4), 75-81. doi: 10.11648/j.jwer.20130204.12

Copy | Download

AMA Style

Najeb Masoud. Libya's Step towards Change. J World Econ Res. 2013;2(4):75-81. doi: 10.11648/j.jwer.20130204.12

Copy | Download

@article{10.11648/j.jwer.20130204.12,
  author = {Najeb Masoud},
  title = {Libya's Step towards Change},
  journal = {Journal of World Economic Research},
  volume = {2},
  number = {4},
  pages = {75-81},
  doi = {10.11648/j.jwer.20130204.12},
  url = {https://doi.org/10.11648/j.jwer.20130204.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20130204.12},
  abstract = {This paper has offered a comprehensive analysis of the macro environment of Libya and the performance and evolution of commencing financial sector development in the national economy. Following the 1969 revolution, the economy witnessed three major systems: the nationalism and socialism period, an open door policy period and, latterly, the economic reform programme. The economy experienced rapid expansion during the 1970s and early 1980s as real GDP grew by more than 10 per cent on average. This expansion was mainly financed by the oil revenue sector. In the mid-1980s economic growth slowed and the Libyan government started to experience reversionary trends. These later trends saw the collapse of oil prices and the Gulf war in 1990/1991. Following the collapse of its economy, Libya was forced to re-examine its policies and redirect its development strategies. The challenges of devising a strategic policy aimed at achieving the sustainable development of the Libyan economy are particularly linked to current official tendencies for restructuring the economy through increasing the role of the private sector and by continuing the process of privatising the public sector within the country. That outline, if achieved, would transform life for all Libyan citizens in terms of daily activities and the business environment.},
 year = {2013}
}

Copy | Download

TY  - JOUR
T1  - Libya's Step towards Change
AU  - Najeb Masoud
Y1  - 2013/09/30
PY  - 2013
N1  - https://doi.org/10.11648/j.jwer.20130204.12
DO  - 10.11648/j.jwer.20130204.12
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 75
EP  - 81
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20130204.12
AB  - This paper has offered a comprehensive analysis of the macro environment of Libya and the performance and evolution of commencing financial sector development in the national economy. Following the 1969 revolution, the economy witnessed three major systems: the nationalism and socialism period, an open door policy period and, latterly, the economic reform programme. The economy experienced rapid expansion during the 1970s and early 1980s as real GDP grew by more than 10 per cent on average. This expansion was mainly financed by the oil revenue sector. In the mid-1980s economic growth slowed and the Libyan government started to experience reversionary trends. These later trends saw the collapse of oil prices and the Gulf war in 1990/1991. Following the collapse of its economy, Libya was forced to re-examine its policies and redirect its development strategies. The challenges of devising a strategic policy aimed at achieving the sustainable development of the Libyan economy are particularly linked to current official tendencies for restructuring the economy through increasing the role of the private sector and by continuing the process of privatising the public sector within the country. That outline, if achieved, would transform life for all Libyan citizens in terms of daily activities and the business environment.
VL  - 2
IS  - 4
ER  -

Copy | Download