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Economic Growth and Construction Industry in Libya

About the author

Lawyer/Lecturer
Level
General public
Study
criminal law
School/University
USIU

About the document

Published date
Language
documents in English
Format
Word
Type
case study
Pages
4 pages
Level
General public
Accessed
0 times
Validated by
Committee Oboolo.com
  1. Introduction
  2. Literature review
  3. Economic model and Methodology
  4. Engle-Granger co-integration
  5. Causality relationship in the short run and in the long run
  6. Conclusion

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.

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