Libya: Informal economy, MIMIC method

* indicates monthly or quarterly data series
 Libya

Informal economy, MIMIC method

 Latest value 36.20
 Year 2020
 Measure percent
 Data availability 1993 - 2020
 Average 34.38
 Min - Max 31.40 - 36.90
 Source Informal economy database
The latest value from 2020 is 36.2 percent, an increase from 35 percent in 2019. In comparison, the world average is 32.74 percent, based on data from 158 countries. Historically, the average for Libya from 1993 to 2020 is 34.38 percent. The minimum value, 31.4 percent, was reached in 1993 while the maximum of 36.9 percent was recorded in 2014. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Libya - Informal economy, MIMIC method - Recent values chart

Historical series
Libya - Informal economy, MIMIC method - historical chart - 1993-2020




Definition: The MIMIC model of the World Bank uses the following variables as determinants of the informal economy: 1) size of government, 2) share of direct taxation, 3) fiscal freedom index, 4) business freedom index, 5) unemployment rate and GDP per capita, and 6) government effectiveness. It proposes that the following variables are affected by the informal economy: 1) growth rate of GDP per capita, 2) the labor force participation rate, and 3) currency as a ratio of M0. These variables are used in a Structural Equation Model (SEM) with a latent variable that is a measure of the size of the informal economy. See, for example, Schneider, Buehn, and Montenegro (International Economic Journal, 2010).

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 Related indicators Latest Reference Measure
 Rule of law -1.80 2022 points
 Government effectiveness -1.75 2022 points
 Control of corruption -1.53 2022 points
 Regulatory quality -2.09 2022 points
 Voice and accountability -1.39 2022 points
 Political stability -2.20 2022 points
 Corruption perceptions - Transparency International 18 2023 points
 Political rights 7 2024 points
 Civil liberties 6 2024 points
 Cost of starting a business 24.60 2019 percent of per capita GNI
 Shadow economy 38.27 2015 percent
 Informal economy, MIMIC method 36.20 2020 percent
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