Tripoli: The second international conference on “The Shadow Economy and Sustainable Development – Implications and Solutions” commenced in Tripoli on Saturday, featuring the participation of the Minister of Planning, Mohamed Al-Zaidani, the Minister of Economy and Trade, Mohamed Al-Hawij, alongside several undersecretaries, experts, researchers, and academics. The two-day conference, orchestrated by the Ministry of Planning, is set to assess the informal shadow economy in Libya and devise more effective economic strategies.
According to Libyan News Agency, the conference will unveil multiple research papers and studies addressing various topics. These include an analysis of the Libyan shadow economy’s size from 1970 to 2024, the uneven effects of economic growth on the shadow economy, the challenges posed by the shadow economy in achieving Sustainable Development Goals, the role of corruption in fostering shadow economy growth, and the influence of the informal economy on youth unemployment rates in Libya.
The presentations will further explore the impact of the informal economy on Libyan exports and propose strategies for mitigation. Discussions will also cover the influence of migrant and unskilled labor on the shadow economy’s expansion, the United Nations’ role in crafting international regulations targeting the shadow economy and supporting Sustainable Development Goals, and the potential of digital transformation and artificial intelligence in bolstering the capabilities of the Libyan administration to monitor and track suspicious activities. These comprehensive discussions aim to address the shadow economy’s implications and its broader impact on Libya’s economic landscape.