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

Answer:

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.