By Padraig O’Hannelly.
In his report on Libya’s banking sector, published yesterday by the Legatum Institute, Brehon Advisory‘s Mark Dempsey points to, among other things, the need to create employment opportunities in the private sector.
At least 150,000 new jobs are required each year for the next five years, in addition to the 860,000 jobs needed now for those currently unemployed, while an estimated 85 percent of those currently employed work for the state, “a relic of the Gaddafi era“.
It’s a theme we’ve highlighted at Libya Business News in the past, most recently here and here, and so it was encouraging that the Economy Minister, Mustafa Abufunas, said last week that he envisioned a reduced role for the state, limited more to an oversight role in economic activity.
It remains to be seen, of course, whether the Minister can make that vision a reality.
(Flag image via Shutterstock)