Economic Rebound

Liberia’s apex bank on May 9 forecasted a rebound in the economy this year, saying the country is expected to grow at 3.2 percent from a negative 1.2 percent in 2016. The level of growth is expected across all sectors of the economy except for forestry, which is likely to record a flat growth rate when compared to last year’s data, Governor of the Central Bank of Liberia Milton Weeks said.

The apex bank chief said annual average inflation is expected to take an upward trend this year, up to around 11 percent, adding the rise could be attributed to the depreciation of the Liberian dollar.

Being a low-income country, Liberia relies heavily on foreign assistance.

The country is richly endowed with a climate favorable to agriculture, forests, mineral resources and water. The apex bank said it is working closely with fiscal authorities and other stakeholders to improve the country’s financial sector with the view of promoting economic growth and development.