Economic Growth, Construction Industry, Libya
The sector of construction is ranked as a vital factor that influences policies of the economy in countries that are still developing like Libya. The sector entails backward and forward linkages with various sectors of the economy. In other words, they are dependent on each other. Countries like Libya use construction firms have regulators or control gadgets. That is they cut on the number of projects of construction and reduce funds strengthening this sector when economies approach a rapid pace of growth; and revive the sector of construction when there is a shortage of demand experienced as the rate of unemployment increases(Lopes, 1998). These fluctuations that occur frequently in the level of demand are vital for growth of an economy. Construction firm has taken an important role in transition of the economy from stagnated economy to a growing economy by creation of employment and utilization of inputs. Construction firms in Libya act as a driving sector that has networked and related to many industries in the same sector.Inthe analysis of production, in the sectors of production, the input share supplied by other sectors is over 50% in the calculation and additional value is below 50% in the value of production.
The classification of world economic output of countries is in three main groups: developed economies, developing economies and middle income. In Libya construction sector unveils as a vital factor influencing policies in her economy. The present work study gives an analysis on relationship amongst items of growth and GDP within 1986 to 2008 duration in Libya. The study is different from literature studies. This is so because, compared to literature, it studies more than one group.
[...] In Libya construction sector unveils as a vital factor influencing policies in her economy. The present work study gives an analysis on relationship amongst items of growth and GDP within 1986 to 2008 duration in Libya. The study is different from literature studies. This is so because, compared to literature, it studies more than one group. Literature review It is highlighted a significant proportion is formed by international construction of the total volume of the globe and has effects on construction firms globally. [...]
[...] Bibliography Hillebrandt, P.M Economic Theory and the Construction Industry. 1st ed. Basingstoke: MacMillan. Kermers, J.J.M., Ericsson, N. Dolado, J.J The power of cointegration tests. Oxford Bulletin of Economics and Statistics. Lopes, J The construction industry and macro economy in Sub-Saha ran Africa post 1970, Construct. Manage. Econ . [...]
[...] Investments in construction have strong effects on underdeveloped economies. There is an emphasis on effects of investment in construction on growth stands to be at low levels in countries that are developed. There is an analysis of indirect and direct effects of GDP of investment in the construction sector. Economic model and Methodology Data collection The work study utilizes the items of construction growth. Logarithm of expenditure on the construction industry Logarithm of Gross domestic product (LGDP), expenditure on the construction industry and Gross Domestic Product (GDP) are the items that have been used as growth items. [...]
[...] When the market of construction is growing, the prices of real estate increase which results to increased wealth capacity to get loans for owners. This leads to declination of the market of real estate. This stalls the economy which may end up into a recess.Thus, construction effects on an economy through credit constraint effects and process of production can be vital because they have influence on the economy's construction sector. Construction firm holds a bearing that is directed to the national economy which is used in detecting an economy's well-being (Hillebrandt, 1977). [...]
[...] Economic Growth and Construction Industry in Libya Abstract Countries experience tough economic crisis in their construction firms. In this study, the relationship of gross development product and growth rate of construction in Libya is examined. This will be done with the application of different granger causality tests including unit root test, error correction model, Engle-Granger co integration and granger causality test. Introduction The sector of construction is ranked as a vital factor that influences policies of the economy in countries that are still developing like Libya. [...]
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