Sustaining market growth is a challenge.
Sustainable market growth means maintaining rate of growth without having
economic issues rising from it. It is important to encourage and increase the
sustaining growth of rising markets. Countries can achieve sustainability by
looking at the economic stability, sustainability problems/issues and solving
them. The economic, social, and political environment affects the growth of
markets profoundly. Sustainable market growth means making the factors that
fuel the economy, which could be land and natural resources, available now and
for future generations. That is a challenge for many economies. The state of
Libya believes stability is key to successful economies.
The state of Libya is dependent on the
country’s oil production and most if its wealth is from its oil and fossil fuel
resources. Libya is one of the world’s leading oil producers. Because of the
uprising political issues that occurred after Muammar Qaddafi was overthrown
and his rule ending, the economy weakened. The government is going through a
phase of transition. The 2011 revolt influenced the economy
significantly. Oil generation decreased from 1.659 million barrels for every
day (bpd) in 2010 to 479,000 in 2011. Gross domestic product development
declined by 60 percent. After years of economic and oil production
deterioration, oil prices rose and oil production recovered in 2017 and
expectedly in 2018 as well to between 1.3 and 1.5 million barrels per day,
based on the price 67 dollars per barrel.
The economy and oil production deterioration
is a cause of the uprising political issues and events. It isn’t something that
can be changed easily and isn’t up to our hands as political interruptions are
occurring and will continue to occur in this year as there will be elections
happening. It was expected to happen after the 2011 revolution. The World Bank
emphasized the importance of political stability and government unity in the
country and from that the launching of programs for reconstructing the economic
infrastructure of Libya.
to the African Economic Outlook organization, the 2018 economic outlook depends
greatly on political unity and security improvement and once that is achieved,
the economy will hopefully recover more especially in the oil sector. There are
also plans to diversify the economy, which would encourage potential growth..
The Central Bank of Libya has improvements and betterments for 2018, which consist
of removing the subsidies of fuel, and adjustment and change to the dinar
exchange rate. Libya believes that with a few economic changes, which part of
it is generalizing and diversifying the economy away from the oil sector
towards a more general industrialization, will lead to sustainable growth in
the future for rising markets