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Libya



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Libya Isaac Mireles Shelly Ogilvie Rona Shedid 1 Brief history of the country Libya declared its independence from Italy in 1951 as a constitutional monarchy After the discovery of oil in 1959 and the subsequent increase in the country s economic fortune popular discontent grew as a result of the high degree of wealth concentration among the country s elite In 1969 a military coup led by Muamar ElQadafi who still rules the country overthrew the monarchy and declared the country a people s republic The regime was strongly influenced by the Egyptian socialist Nasserite ideologies and was very friendly with the USSR Following several state sponsored acts of terrorism against Western targets abroad the UN imposed sanctions on Libya in 1992 As a result the country was largely isolated from the world economically and politically all throughout the nineties Between 1999 and 2003 the Libyan government took steps to lift the sanctions including handing over Libyan suspects for international trial and paying compensation to the victims UN sanctions were consequently removed in 2003 and the country has since been gradually opening up to the outside world Population GDP and GDP growth information 2004 2005 Nominal GDP LYDbn 41 5 56 Nominal GDP US bn 33 19 41 46 Real GDP growth change y o y 5 3 5 5 GDP per capita US 5 722 7 003 Population MM 5 8 5 92 Source BMI The North Africa Business Forecast Report Q1 2009 2006 61 8 48 18 6 8 7 976 6 04 2007 2008f 2009f 2010f 2011f 2012f 2013f 69 4 80 89 5 98 7 108 7 119 2 128 2 56 78 64 02 68 91 73 53 80 96 88 82 95 49 5 2 5 7 5 5 7 1 6 9 6 5 4 4 9 218 10 198 10 774 11 282 12 189 13 123 13 860 6 16 6 28 6 4 6 52 6 64 6 77 6 89 Most important industries The Libyan economy is dominated by the oil and related industries which consist of 97 of export earnings 75 of government receipts and 54 of the gross domestic product Agriculture is the second largest industry The government is now gradually trying to encourage the development of a free



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