Socialist People's Libyan Arab Jamahiriya : Country Economic Report

World Bank

World Bank, Washington, DC

关键词: ECONOMIC DIVERSIFICATION;    HYDROCARBONS;    OIL;    SOCIAL PROTECTIONS;    SOCIOECONOMIC DEVELOPMENT;   

RP-ID  :  30295

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The Libyan economy is dominated byhydrocarbons and the public sector.Sizeable oil wealth hassupported decent living standards for Libya'spopulation and socioeconomic development compares favorablywith standards in other Middle Eastern and North Africancountries. Libya has the potential to raise oil productionand revenues significantly in coming years given its largereserve base- but the main challenge for Libya is to promotegrowth of the non-oil sector, and spur diversification ofits economy. Non hydrocarbon GDP growth has been weak andoil revenue volatility has been transmitted tonon-hydrocarbon GDP growth. Weak non-oil GDP growth reflectsboth insufficient private investment and low productivity ofcapital Improving efficiency and productivity growth is aprecondition for faster growth and a greater investmenteffort. Strong productivity growth is also a prerequisitefor competitive diversification out of hydrocarbons.Projected high oil revenues will provide finance for growthbut will not necessarily spur sustained growth in thenon-oil sector. The decisions concerning public investmentin (social and economic) infrastructure would better bede-linked from the presence of hydrocarbon windfalls. Tofoster non-oil growth and job creation, the oil windfallsshould be used strategically, with the aim of facilitatingthe transition to a competitive, market-led economy. Overthe long term, the intermediation of hydrocarbon windfallsthrough the household and business sectors might producesuperior long run growth performance, but should go intandem with considerable strengthening of the investmentclimate. Enhancing the quality of Libya's humanresources will also be essential to improve productivity,diversify out of oil-especially in services-and compete inthe global economy. Improving the quality of governancewould also deserve particular attention because it underliesthe development reform agenda. This report focuses onstrengthening public financial management, the investmentclimate in open markets, reforming state-owned enterprises,priorities in financial sector reform, and enhancing social protections.