byan oil and gas
licensing rounds continue to draw high international interest; the
National Oil Company set a goal of nearly doubling oil production to
3 million bbl/day by 2015. Libya faces a long road ahead in
liberalizing the socialist-oriented economy, but initial steps -
including applying for WTO membership, reducing some subsidies, and
announcing plans for privatization - are laying the groundwork for a
transition to a more market-based economy. The non-oil manufacturing
and construction sectors, which account for more than 20% of GDP,
have expanded from processing mostly agricultural products to
include the production of petrochemicals, iron, steel, and aluminum.
Climatic conditions and poor soils severely limit agricultural
output, and Libya imports about 75% of its food. Libya's primary
agricultural water source remains the Great Manmade River Project,
but significant resources are being invested in desalinization
research to meet growing water demands.

Liechtenstein
Despite its small size and limited natural resources,
Liechtenstein has developed into a prosperous, highly
industrialized, free-enterprise economy with a vital financial
service sector and living standards on a par with its large European
neighbors. The Liechtenstein economy is widely diversified with a
large number of small businesses. Low business taxes - the maximum
tax rate is 20% - and easy incorporation rules have induced many
holding or so-called letter box companies to establish nominal
offices in Liechtenstein, providing 30% of state revenues. The
country participates in a customs union with Switzerland and uses
the Swiss franc as its national currency. It imports more than 90%
of its energy requirements. Liechtenstein has been a member of the
European Economic Area (an organization serving as a bridge between
the European Free Trade Association (EFTA) and the EU) since May
1995. The government is working to harmonize its economic policies
with those of an integrated Europe.

Lithuania
Lithuania, the Baltic state that has conducted the most
trade with Russia, has grown rapidly since rebounding from the 1998
Russian financial crisis. Unemployment fell to 3.2% in 2007 while
wages continued to grow at double digit rates, contributing to
rising inflation. Exports and imports also grew strongly, and the
current account deficit rose to nearly 15% of GDP in 2007. Tr