Libya has immense petroleum wealth, a small population, and an ability to attract foreign investment. But the international community must see that Libya's interim Transitional National Council follows its 'road map' to an accountable and transparent new government.
As the Libyan rebels continue to mop up resistance inside Tripoli and extend the nominal authority of the Transitional National Council to the rest of Libya, it is important to remember that the establishment of a new Libya will take time and face challenges even greater than those required to topple Muammar Qaddafi.
Although these are immense challenges, Col. Qaddafi’s ouster is a novel opportunity for the creation of an accountable government armed with the tools for rapid economic development in the heart of North Africa.
Despite its near total lack of a private sector and endemic levels of corruption and bureaucratic dysfunction, Libya’s prospects for sustainable economic growth should be brighter than that of its revolutionary neighbors, Egypt and Tunisia. That’s because of Libya’s immense resource wealth, small population, and ability to attract foreign investment and expertise.
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