تحديات التنمية الاقتصادية للبلدان الغنية بالموارد الطبيعية : حالة الاقتصاد الليبي

الملخص EN

The main aim of this paper is to discuss the most important challenges that contributed to the failure of natural resource-abundant countries, in general, and Libya in particular.

It also aims to determine the importance of the presence of sound policies in financial and economic institutions, in order to be able to manage the natural resources revenues in a manner that contributes to avoiding the phenomenon of the resource curse and achieving economic reform and stability.

To achieve this goal, this study used the descriptive analysis method, as well as the "heuristic" method, which is based on the analysis of previous experiences of developing and developed countries producing natural resources.

The paper has come out that the disappointing economic performance of the Libyan economy and the exacerbation of the political conflict were due to economic and institutional factors associated with the political economy of this country.

These are; the Dutch-disease phenomenon, fluctuations in the resources revenues, and the limited forward and backward linkages of the resources sector with the rest of the sectors.

In addition, the natural resources wealth can have negative effects on economic development through; making authoritarian regimes more sustainable, contributing to weak government institutions and the spread of corruption, and contributing to create conflicts and fueling civil wars.

The paper concluded that there are several policies can be designed so as to avoid the phenomenon of the natural resources curse.

The most prominent policy is that transforming the Libyan Investment Corporation into stabilization fund in accordance with the rules of financial governance, and the identification of clear goals similar to the oil countries that have succeeded in using their natural resources to achieve economic and political stability.

By drawing on lessons learned from the experiences of some countries, the stability fund can help alleviate the symptoms of the Dutch Disease; smooth the fluctuations in oil revenues, improve development planning and public investment decisions and paved the way for private investment.

In general, the stability fund can be used to implement economic policies that contribute to addressing the challenges underlying resource curse.

The implementation of such policies requires real political will and high-quality institutions.