Role Of Industrial Economy & Its Effect On Domestic Economy

The industrial sector plays a major role in the establishment of the building blocks  of  social and economic sustainability, as this is evident by the significant contribution it offers  being one of the fundamental foundations to maintain  consistent and continual economical growth. In addition, its huge  effect on employment and operation,  attracting diversified investments, participating in international markets , and bringing the image and identity of Libyan products out to the world.

Furthermore, the industrial sector takes part in creating employment opportunities, also whenever the quantum of industrial production horizontally and vertically increases , the number of unemployed individuals deceases.

Also, it is clear enough that the leading role  it plays in  increasing the domestic income, as when the proportion of  contribution of  the industrial sector raises up for  total domestic production,  the exports also raise up and reliance on exporting raw material is reduced, as well as  the act of enhancement  in leveling up productivity, since it is one of the most capable  sectors  at applying the use of advanced technologies which in turn contributes to improving the level of productivity.

Moreover, the industrial sector has a direct influence  on increasing the rate  of growth of domestic economy as well as that of other sectors such as agricultural  and services sectors for the firm connection it has with other sectors.

The industrial economy  plays a magnificent role in the lives of many individuals  and various sectors, as it affects and is affected by the existent influential factors of which some may scale it up and improve its outcomes , and some other negative effects that hinder and reduce the positive outcomes of industrial economy.

One of the most influential factors affecting industrial economy is economy itself, as when  there is a powerful , sustainable and progressive  economy , we find  domestic  industries to be at the best condition and most important globally, however, when there is a fragile  economy , we find no resources nor basic factors facilitating domestic industry.

Encouragement of domestic industry and turning to supporting  it according to all forms, ways, and diversities is a required issue, even further it is an essence for a flourishing domestic economy.

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