MONROVIA, LIBERIA-The World Bank Group has launched the Sixth Edition of Liberia Economic Update, showing a positive economic outlook for Liberia.
The report shows that economic transformation is contingent on successful reforms and global economic trends.
According to the World Bank’s latest report, Liberia demonstrated stronger macroeconomic performance in 2024.
Key improvements were noted in fiscal consolidation, controlled inflation, and external rebalancing, even as the pace of overall economic revenue collection and significant cuts in the government’s spending.
The report also highlights a major structural shift in Liberia’s economy over the past two decades, with economic output and employment moving decisively toward the services sector.
The World Bank, however, disclosed that this transformation has come with a significant challenge, which has limited income growth for the population.
To escape such a trap and harness its youthful population for growth, the report recommends a coordinated national strategy, which includes stimulating labor demand, empowering productive firms, and improving the business environment, among others.
Meanwhile, World Bank Country Manager, Georgia Wallen, has emphasized the importance of translating knowledge into action to address Liberia’s job challenge.
Madam Wallen assured the Government of Liberia that the World Bank will intensify its partnership with Liberia over the next five years to support these initiatives.
She said,” Liberia Economic Update is intended to inform collective efforts to tackle the job challenge and unlock opportunities for future generations”.
Mada Wallen also disclosed the launch of a new Country Partnership Framework in November, a show of the World Bank’s commitment to Liberia’s development.
The World Bank Country Manager called for collaboration in achieving Liberia’s development objectives.
At the same time, the Government of Liberia has committed to exploring a public-private partnership approach to drive job creation and youth development.
The Deputy Finance Minister for Economic Management, Dehpue Zuo, said,” There was a need for all sectors to participate in achieving inclusive growth”.
Zuo urged the Liberian Private Sector to stay engaged and support public-private partnerships for job creation and economic stability.
The Deputy Finance Minister disclosed that a national development plan is being worked on with partners, including the World Bank, to strengthen the Private Sector.
Minister Dehpue Zuo also lauded the Private Sector, European partners, and the diplomatic community for their continued support of Liberia’s development.