An analytical study of the inflation phenomenon in the Libyan economy during the period (2011-2024)

Abstract

This study aims to analyze the phenomenon of inflation in the Libyan economy during the period (2011-2024), a period characterized by political, security, and economic fluctuations that directly affected price levels, purchasing power, and various economic activities. The study relied on an analysis of the overall annual inflation rates in Libya during the study period and concluded that these rates were highly volatile, influenced by political and security events, internal crises, and structural imbalances in the rates and output of the local economy, which is dependent on oil and affected by fluctuations in global oil prices. The highest rate was recorded in 2016 at (25.9%), while the lowest rate was recorded in 2019 at (2.2%). In light of the results, the study presented a set of recommendations to address the phenomenon of inflation, the most important of which are working to reduce inflation through monetary reforms, developing plans and strategies for restructuring the Libyan economy, working on fiscal and structural diversification of the state's sources of national income instead of relying on a single source of income, focusing economic policy on removing supply-side obstacles, and addressing economic conditions in a positive direction Balanced Economic Structure.