Accounting for Libya’s Economic Growth: Past Recent and Near Future

Abstract

The aim of this paper is to explore which economic growth is essential for a strong, well-developed and efficient accounting in Libya. In connection with understanding the significance of subjective matter, this study seeks to explore the development of the accounting framework, assess recent efforts to create new deregulation, institutions and attract further foreign investment that could modernise the economic, and offer suggestions for growth that could stimulate additional economic development. In the main, the paper provides an assessment of the quality and effectiveness of the operation for the economic and infrastructure of the alternative framework called growth accounting to obtain a different perspective on the sources of economic growth.

This study’s results will be useful in reaching policy decisions to develop accounting to increase economic growth in developing countries or/ emerging economies, in general, and within Libya, in particular. Furthermore, providing empirical evidence regarding this critical issue within specific emerging economies will add to the literature on economic reform related to the role of accounting framework development and its influence on economic growth and, thus, initiate an exciting topic for study.

Keywords: Libya, Accounting, Economic growth, Cobb-Douglas production function.