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African Economic Outlook 2008

image of African Economic Outlook 2008

This fact-filled reference book brings the reader the latest available economic information for most of the economies of Africa.  Drawing on the expertise of both the African Development Bank and the OECD, it opens with an overview that examines the international environment, macroeconomic performance, progress towards attaining the Millennium Development Goals, and governance and political issues. This edition includes a special focus on technical and vocational skills development. The second part provides individual country reports for 35 countries.  Each country report provides an assessment of recent economic performance, projections for 2008 and 2009, an examination of structural issues, and a discussion of the political and social context.  The statistical annex presents 24 tables comparing economic and social variables across all the countries of Africa.

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Libya

OECD Development Centre

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.

English

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