The impact of oil price shocks on Libyan economic growth

Abstract

The aim of this paper is to describe the impact of oil price shocks on the main components of the balance of payments. It is important to examine the trends in oil prices during the period under consideration. The authors analyze the impact of such shocks on Libyan economic growth. Based on available data for the years 1970-2008, the paper presents an overview of the Libyan economy with a particular focus on the role of oil.