Diversification Prospects for Sustainable Libyan Economic Growth

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In recent years Libya has faced an externally economic problem. Its main difficulty in sustaining economic growth is not capital shortage. Capital and foreign exchange are continuously earned and accumulated as a result of exporting of oil. However, the economic development was not as impressive as it should have been. What may go seriously wrong is the large extent of dependency on oil exports, where in this illustration Libya would be a manifest case. Yet, Libya has been unable to adequately distribute its GDP across a wide range of productive sectors.This concern highlights the earlier awareness to the risks of oil resource depletion which could compromise the future of Libyan economy.There should be strong linkage between the domestic primary production sector and the industries sector to introduce value-added in manufacturing and services to ensure that its revenues from oil are well managed and that the oil is well integrated with rest of the economy.This is to say, instead of having a growth of Gross Domestic Product (GDP) from the expansion of a single sector, the diversification as used by economists will imply allowing other sectors to contribute to growth of the GDP.