How's Libya's economy today?

Libya used to belong to the most poorest countries in the world. However, the standards of living in the country gradually improved since the 1970s after prioritizing some significant programs such as developmental projects, urbanization, and high oil revenues. Moreover, the government continues to prioritize small-scale business rather than the private sector in order to hinder the latter to accumulate high revenues. However, a number of high profile families are still enjoying lavish lifestyle as corruption looms around the country.
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