Secretary of State Hillary Clinton advised a group of foreign ministers from Arab nations on Friday to “loosen regulations,” particularly on small businesses, to “make it easier to start or expand a small business,” because “too many people still can’t find jobs” in Libya, Egypt and Tunisia.
Clinton’s comments are in sharp contrast to the Obama administration’s piling on of regulations onto small businesses in the United States that has, ultimately, led to high costs in jobs, ingenuity, and productivity.
On the economic front, we are zeroing in on small and medium-sized enterprises because they are the growth engines in any economy. They create the bulk of new jobs and they spread wealth more broadly through more communities. And when people have the opportunity to unleash their talents and create something of their own, they are more invested in their communities, their countries, and their new democracies.
Clinton added that the Organization for Economic Co-Operation and Development's (OECD) efforts to assist “emerging democracies” involve the return of “billions of dollars that were stolen or siphoned away over decades of cronyism and corruption.”
According to a report by the OECD, Libya’s GDP is expected to grow at a rate of 20.1 percent, about 15 times the 1.3 percent rate at which real GDP grew in the U.S. in the second quarter of 2012. The OECD believes that Libya’s real GDP will grow by another 9.5 percent in 2013. Though Libya experienced a 17.1 percent budget deficit in 2011, through its civil war, the nation is expected to run a 13.6 percent surplus in 2012 and a 12.2 percent surplus in 2013.