Liberian Economics

 Liberian Economy and Industry 


Overview:

    Though Liberia is considered a low-income country, it possesses an ample amount of natural resources. Because of its coastal location, Liberia offers a mass water supply and an agriculturally favorable environment. Through this rich agricultural environment, Liberia can produce a variety of items such as rubber, coffee, cocoa, rice, bananas, palm oil, and sugarcane which manifests a greatly industrialized society.  

History: 

    Trade was a primary part of Liberia's economic history. Liberia's trade expanded as far as Europe as well as other indigenous networks. 1864 brought a Ports of Entry Act that limited the trade between indigenous and other European countries. It was ineffective in protecting native Africans from excessive taxation forcing them to live on low-income and subsistence farming. Initially, trading began with other nations in Africa in their exchange of agricultural commodities, then eventually extended to Europe. Historically, trade proved to be a great benefit for the Americo-Liberian people. 

    Liberia's economy acquired much damage between the late 1990s and early 2000s due to war and governmental mismanagement. The root cause of this economic raucous came from the desire to control Liberia's resources which would ultimately control Liberia's wealth. By 2006, businesses began to return after resolving conflict and political revamping which led to a growth increase between 2010-13. Next in 2014-15, the recent "bounce-back" came to a screeching halt with the outbreak of the Ebola virus from which the country has still not economically recovered. In 2017, the gross domestic product (GDP) began to increase with gold mining spearheading a new mining project.

Today:

    GDP today is projected at 3.6% which makes room for the capital GDP to increase for the first since its economic resurgence in 2016. Despite its past economic hardships, Liberia is hopeful for the very near future. The country's deficit is expected to narrow by this year (2021). 2021 has brought an increase in the fiscal position within the first five months ensuring the economic expansion by 4.9% in 2022-23. 

Currency:

145.39 (LD) = $1.00 (USD)

Major Industry: 

Rubber processing, Palm Oil processing, Timber, Diamonds

Agricultural Industry:

Rubber, coffee, cocoa, rice, palm oil, cassava (tapioca), sugarcane, bananas, sheep, goats, timber

Liberia's GDP (2000-2016)



Liberia Debt to GDP (2010-2020)


Word Count: 348

Bibliography: 

  •  Group, A. D. B. (2021, March 31). Liberia economic outlook. African Development Bank - Building today, a better Africa tomorrow. Retrieved November 29, 2021, from https://www.afdb.org/en/countries/west-africa/liberia/liberia-economic-outlook. 
  •  Liberia facts and culture. CountryReports. (n.d.). Retrieved November 28, 2021, from https://www.countryreports.org/country/Liberia/facts.htm. 
  •  Overview. World Bank. (n.d.). Retrieved November 29, 2021, from https://www.worldbank.org/en/country/liberia/overview#1.
  • Liberia - GDP (current US$). (n.d.). Retrieved November 29, 2021, from https://www.indexmundi.com/facts/liberia/indicator/NY.GDP.MKTP.CD. 
  •  Liberia government debt to GDP2021 DATA: 2022 forecast: 2004-2020 historical. Liberia Government Debt to GDP | 2021 Data | 2022 Forecast | 2004-2020 Historical. (n.d.). Retrieved November 29, 2021, from https://tradingeconomics.com/liberia/government-debt-to-gdp. 


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