• A slowly accelerating economic reform process is taking hold, producing some modest changes in the banking system, small and medium business development, and access to foreign imports.
• Although reform measures have produced some modest improvements in the business environment and investment climate, substantial challenges remain for foreign investors and Libyan entrepreneurs.
• The reform process has led to a great deal of confusion, particularly among foreign investors, as shifting regulations and procedures and a weak regulatory environment have not inspired confidence in the market.
• Libya’s economy remains highly centralized and dominated by the energy sector, despite some tentative steps toward the privatization of state companies and the thinning of government bureaucracy.
• Unemployment stands at a minimum of 30 percent, and is a major driver behind government policies toward foreign investment across all sectors.
• The Government of Libya (GOL) continues on its course of spending in
• utilizing the surplus of revenue created by the high oil prices of the recent past.

For More Info

http://www.export.gov/libya/eg_ly_021062.asp