November 16, 2021
The Libyan economy is entirely dependent on oil income, theprivate sector does not constitute more than 5% of GNP. About95% of private sector companies are in fact small and mediumenterprises operating in the shadow or in the informal parallelmarket. Oil and gas accounts for more than 65% of GNI, morethan 95% of exports and more than 96% of the public budget.Therefore, the Libyan economy is exposed to shocks of fallingoil prices and increasing the rate of unemployment, especiallyamong young people to high levels, which calls fordiversification of the economy through the private sector andthe promotion of small and medium enterprises.