Libya has been oil-led economy for decades, but ongoing conflicts and a blockade of oil terminals and oil fields have affected the Libyan economy. The country is currently working on reforms and collaborating with the World Bank and other donors on diversifying the economy and attracting investments, which would also lead to create employment outsourcing opportunities to develop the country.
Many organisations that expand to other economies are faced with cultural, local and policies of the country. This is where Africa HR Solutions can be the right partner to accompany you in your expansion plans. Our team of experts devise an end-to-end HR outsourcing strategy, that includes a range of services such as Professional Employer Organisation (PEO), Employer of Record, payroll solutions and other ancillary support services. With local insights and a global perspective of the employment industry, we ensure your Libya HR outsourcing strategy is perfectly crafted to help you establish in the country even if you do not have a legal entity yet.
Country Profile - Libya
Population: 6.7 mn
Gross Domestic Product (GDP): $25.42 bn
GDP Growth: 7.8%
Inflation: 2.8 %
Foreign Direct Investment (% of GDP): 3.8%
Unemployment Rate: 17.3 %
Currency: Libyan Dinar
Having the largest oil reserves in Africa, the economy has suffered from political instability and conflict over the control of oil fields. Due to the resumption of armed conflicts, the Country Engagement Notice’s program (CEN) is working on initiatives to improve lives, and at the same time explores diversification. The program’s two major pillars are (1) Accelerating Economic Recovery and (2) Restoring Basic Service Delivery. The International Finance Corporation (IFC) continues to support the country’s private sector through its investment and advisory services. The World Bank, in collaboration with other donors, is working on gathering diverse Libyan stakeholders to establish reforms and find ways to engage and assist the restoration of fundamental institutions.
Interesting Facts About Libya
Libyan cuisine originates from the traditions of Mediterranean, North African, and Berber cuisines
The Libyan economy is dependent on the petroleum sector, which represents a significant part of exports
In 2019, Libya has Africa’s largest and the world’s ninth-largest proven oil reserves, with 48 billion barrels
Consumption of alcohol is not allowed in Libya
Soccer, chariot races, and camel racing are among famous sports of Libyans
Public Holidays in Libya
Hijri New Year
Employment in Libya
Africa HR Solutions have the local expertise needed to navigate you through a comprehensive HR outsourcing strategy and help you establish in Libya with peace of mind. Our dedicated team will assist you in devising a competitive package to attract the brightest talent and help you in achieving your international expansion plans.