MONROVIA, LIBEIA-The World Bank has recommended several policy options in critical areas, to help Liberia lay the foundation for Covid-19 recovery in the short-term.
A World Bank release issued Friday, July 31, 2020, named scaling up social protection programs, ensuring access to education, promoting essential trade and market activities and supporting financial-sector development.
The recommendations were contained in the Bank’s first Liberia Economic Update, including productivity-driven growth and diversification will be central to Liberia’s post-pandemic recovery.
Meanwhile, the report cautioned that Liberia is facing human and economic impact from the Coronavirus pandemic, with real GDP projected to contract by two-point-six-percent this year.
It disclosed that the population living below the national poverty line is expected to increase from 55.5 percent in 2019 to 68.9 percent.
Meanwhile, World Bank Country Director for Ghana, Liberia and Sierra-Leone has welcomed efforts by Liberian authorities to manage the community spread of COVID-19, building on the lessons from the Ebola outbreak.
Pierre Laporte, however, said:” Mitigating the impact of COVID-19 on the Liberian economy poses a complex and evolving challenge, and that the bank is supporting the government through financing and technical advice, to address the crisis and transition to a robust economic recovery.”
At the same time, World Bank Country Manager for Liberia, Khwima Nthara, has stressed that successful containment of the outbreak and implementation of the right policies could position Liberia to benefit from an accelerating global recovery.
Mr. Nthara said:” While Liberia’s medium-term economic outlook is highly uncertain, there is cause for cautious optimism.”