THE ROLE OF AGRICULTURAL SECTOR IN THE DIVERSIFICATION PROCESS OF LIBYAN ECONOMY

Abstract

The aim of the paper is to present the role of agricultural sector in the diversifi- cation process of Libyan economy. which is very important issue taking into consideration that due to extremely high dependence on oil as a source of national income formation, Libya may face a huge problem in case of decrease in oil prices. However there are some difficulties even in quite well developing agricultural sector. The main ones are: the low growth rate of domestic agricultural product and its low percentage contribution to the Libyan GDP formation. The reasons of these problems are presented as the results of conducted analyses.