Exploring the sustainable economy and energy for Libya's future

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Mohamed, A.M.A., Elabar, S.M., Shakmak, B.H.M. ORCID: 0000-0003-4534-9196 and Al-Habaibeh, A. ORCID: 0000-0002-9867-6011, 2019. Exploring the sustainable economy and energy for Libya's future. In: A. Al-Habaibeh ORCID: 0000-0002-9867-6011, A. Asthana and V. Vukovic, eds., The International Conference on Energy and Sustainable Futures (ICESF): Nottingham Trent University, Nottingham, 9 to 11 September 2019. Nottingham: Nottingham Trent University: Publications, pp. 34-40. ISBN 9781912253012

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Abstract

Libya during the past decades has made strategic plans for diversification of resources and the development of the economy with partial independence from traditional sources of energy (oil and natural gas). However, oil and natural gas have continued to play a major role in Libya's economy as the main source of revenues and energy. In the last decade, the production of Libya's oil has been shut down unexpectedly due to the political tension and was significantly interrupted for much of 2011-2018. At the same time, the oil prices rebounding caused the economy to shrink accompanied by the decrease of per-capita income. Furthermore, inflation rates have jumped at a record level and still continuing.

This study is aimed to explore the effect of the price and production quantity of oil on Gross Domestic Product (GDP) and per-capita income. The researchers have conducted a comprehensive survey that included the reports of many originations and institutions to show the impact of fluctuations in oil prices on per capita income.

The study has found that there is an urgent need to develop a strategy to find other energy resources to cope with the high development rates of the economy. Moreover, the study has shown that encouraging the private sector to find alternative resources other than oil and gas by the utilisation of renewable energy technologies will ensure the increase the income per capita and the improvements in the economic, health and educational situations.

Item Type:

Chapter in book

Creators:

Mohamed, A.M.A., Elabar, S.M., Shakmak, B.H.M. and Al-Habaibeh, A.

Publisher:

Nottingham Trent University: Publications

Place of Publication:

Nottingham

Date:

9 September 2019

ISBN:

9781912253012