Financial aspects of Libya's economy

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Periodical article

Title:	Financial aspects of Libya's economy
Author:	Bengur, Ali R.
Year:	1967
Periodical:	Finance & Development - International Monetary Fund and World Bank
Volume:	4
Issue:	1
Pages:	56-64
Language:	English
Geographic term:	Libya
Subjects:	economic conditions petroleum extraction
Abstract:	Before the exploration for oil began in 1956, Libya relied heavily oh foreign financial support to supplement incomes derived from its otherwise meager resources. This support brought about a considerable rise in national income, characterized by an almost fourfold increase in imports between 1951 and 1957. However, low agricultural income, seen against the high proportion of persons employed on the land, emphasizes the very uneven distribution of income among the different sectors of the economy. Since 1958 Libya's GDP has risen dramatically. This expansion was due mainly to the large investments of the foreign-owned oil companies in Libya and to the rapid rise in oil exports since 1961. Libya offers something approaching a laboratory sample of a developing country which suddenly has removed the greatest obstacle to development - poverty. In this article is investigated to what extent Libya has been able to use its new wealth for development. Tables.