Question

Hurry please: Libya’s primary economic influence was those in control of the type of economy for the country in 2-3 sentences compare the historic economy of Libya with more recent history’s market economy

Answer 1

answerLibya’s per capita income is among the best and highest in Africa. Oil revenues remain Libya’s main source of great income. When the 21st-century started the oil and natural gas together accounted for almost three-fourths of the national income and nearly all of the country’s export earnings, although they employed less than one-tenth of the labor force. Under Muammar al-Qaddafi from 1969 to 2011, the government exerted and got very strong control over the economy; the petroleum industry was nationalized in the 1970s. The state trade union and industrial organizations ran most of the industries and utilities. To reduce the country’s heavy dependence on oil, economic policy has emphasized agricultural and industrial developments. Declining oil revenues during the 1980s, however, led to revisions being frequently, which led to delays in planned developments. Domestic reforms designed the liberal economic policy for short (LED) and encouraged private enterprise. These began in the late 1980s, continued into the 21st century.

Answer 2

Comparing the economic history of Libya:

In 1951, at independence, Libya was the poorest independent country on earth. Libya had per capita annual income of USD 35. 8 years later, oil was discovered (1959 precisely), and exports began in 1961. Libya was already producing 1.22 million barrels a day in 1965 and it rose to 3.1 million in 1969. This led to a rapid increase in the revenue of Libya boosting the economy. In a short while, Libya became one of the fastest-growing economies in the world.

According to the prediction of World Bank in 2019, Libya could only manage to produce a daily average of 1 million barrel by the end of 2019 and keep a steady production around at that level over the next couple of years. In 2020, GDP growth will be negative (minus 0.6%) and begin to stabilize around 1.4% over 2021-22.

It will result in a GDP per capita at 61% of its 2010 level.