What the Libyan Economy Can Learn from Emerging Countries

Abstract

The aim of this study is to discuss and analyse the reasons for why the economic reform programmes became the new phenomenon during the past two decades. Libya, Egypt, Tunisia, Jordan and Saudi Arabia, akin to most developing countries, shared similar experiences whilst striving to achieve stabilisation in their economies. With the introducing of “open door policy” during 1999, the Libyan economy considers how economic reform programmes may benefit their business and how to manage these. These reactivate the private sector ownership and aimed to attract foreign investment including mobiles domestic investment and allocation of resources. Additionally, the Libyan economy seeks guidance from emerging countries, which have undergone the experiment of financial markets. These issues are discussed subsequently. The experience of economic reform and transition in other countries provides some insights for the Libyan economy. Via the nature and objective of developing economies and their success in adopting reform programme Libya can learn from their experience. Finally, we briefly summarize the individual contributions of works included in our special research forum.

Keywords: Libyan Economy, Stock Market, Learning, Emerging countries

JEL Classification: A1, B15, F30, F36, G2, N12