Libya

Libya:. 1-Brief history of the country: Libya declared its independence from Italy in 1951 as a constitutional monarchy. After the discovery of oil colour in 1959 and the subsequent increase in the countrys economic fortune, touristy discontent grew as a result of the high breaker point of wealth concentration among the countrys elite. In 1969, a army coup led by Muamar ElQadafi, who still rules the country, overthrew the monarchy and declared the country a peoples republic. The regime was strongly influenced by the Egyptian socialist Nasserite ideologies and was very friendly with the USSR. Following several claim 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, economicall(a)y and politically all throughout the nineties. Between 1999 and 2003, the Libyan government took steps to fleece 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. 2-Financial Sector Profile; Libya is the third largest African oil producer with the largest proven reserves in the continent.

Its economy is to a great extent dependent on revenues from the oil and gas sectors, which, as of 2008, depict over 98 part of export earnings, 75 percent of government revenue, and account for more than two-thirds of GDP. Per capita income is almost four time above the African average, at USD 14,000. In light of the Libyan economys heavy reliance on hydrocarbons, youthful fluctuations in international commodity prices led to GDP egress dropping from 7.5 percent in 2007 to 2 percent in 2009 although a rebound to 4 percent is expected for 2010. contempt recent efforts to diversify the economy, which have included massive investments in the agricultural sector and plans to create a regional fiscal hub,... If you want to get a full essay, order it on our website: Ordercustompaper.com

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