Libya: Economic globalization

The latest value from 2023 is 62 points, an increase from 57.82 points in 2022. In comparison, the world average is 59.17 points, based on data from 184 countries. Historically, the average for Libya from 1970 to 2023 is 38.83 points. The minimum value, 24.65 points, was reached in 1993 while the maximum of 62 points was recorded in 2023. See the global rankings for that indicator or use the country comparator to compare trends over time.

The KOF Economic Globalization Index for Libya and other countries has two dimensions. First, it measures the economic flows between Libya and the rest of the world in terms of international trade and international investment. The question is whether Libya exchanges a lot of goods, services, and investments with other countries. Second, it measures the restrictions to trade and investment such as tariffs and capital controls on international investment. Each dimension is based on several variables that are combined in one overall index that ranges from 0 to 100.

Definition: Economic globalization has two dimensions: actual economic flows and restrictions to trade and capital. The sub-index on actual economic flows includes data on trade, FDI, and portfolio investment. The sub-index on restrictions takes into account hidden import barriers, mean tariff rates, taxes on international trade (as a share of current revenue), and an index of capital controls. More information and the original data can be obtained here.