Libya's primary economic influence was those in control of the type of economy for the country. In two to three sentences, compare the historic economy of Libya with more recent history's market economy.

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04-02-2021
History

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Libya's primary economic influence was those in control of the type of economy for the country. In two to three sentences, compare the historic economy of Libya with more recent history's market economy.

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j7rhaqa8tp j7rhaqa8tp · Answer 1 · 2021-02-04T19:08:09+01:00

Answer:

The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.. After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan ...

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