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Benin's Economy Essay

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The two countries that i have chosen were Benin and Libya. Benin being the expansionary country and Libya being the recessionary country. Benin’s economy is primarily dependent on agriculture and cotton. They also produce textiles, beans, rice and other items like that. Benin has also begun producing offshore oil. Since 1990, Benin has went through an economic recovery. A large input of outside investment from public sources has reduced the economic struggles of the early 1990s caused by global recession. Benin is rapidly growing its economy and is starting to do well. As for future aspirations, Benin looks forward to keep growing and expanding their economy. Libya on the other hand depends primarily on petroleum, which contributes practically all export earnings and over half …show more content…

The civil war brought its economy down and also the country. Oil has been the main force for Libya, it makes up a lot of the country's GDP. The civil war that had just happened disrupted production facilities and pipelines, causing a dramatic fall in oil production. This brought the decline in oil for libya. This resulted in the total downfall of the economy. Real GDP dramatically dropped, and because of the dependency of the rest of the economy on the oil sector, anything that had to without oil also dropped. After the civil war, During the rebuilding process of Libya, Militias targeted oil facilities as a way to reach their political and economic wishes. This led to a series of periodic labor strikes for higher pay in the oil industry soon spread throughout the eastern half of the country where most of the oil reserves are located. The militias took over a number of key oil terminals on the coast so that exports were cut. Socially the people of libya struggled. Their daily life has been completely changed. The hardest hit are large families that used to benefit from giving state subsidies that have now dried

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