Liberia

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Liberia - In Short.

Overview of Liberia

With 28 ethnic groups and languages, Liberia is one of the most ethnically diverse countries in the world. For hundreds of years, the Mali and Songhai Empires claimed most of Liberia. Beginning in the 15th century, European traders began establishing outposts along the Liberian coast. Unlike its neighbors, however, Liberia did not fall under European colonial rule. In the early 19th century, the United States began sending freed enslaved people and other people of color to Liberia to establish settlements. In 1847, these settlers declared independence from the United States, writing their own constitution and establishing Africa’s first republic. Early in Liberia’s history, tensions arose between the Americo-Liberian settlers and the indigenous population. In 1980, Samuel DOE, who was from the indigenous population, led a military coup and ushered in a decade of authoritarian rule. In December 1989, Charles TAYLOR launched a rebellion against DOE’s regime that led to a prolonged civil war in which DOE was killed. A period of relative peace in 1997 permitted an election that brought TAYLOR to power. In 2000, fighting resumed. An August 2003 peace agreement ended the war and prompted President TAYLOR’s resignation. TAYLOR was later convicted by the UN-backed Special Court for Sierra Leone in The Hague for his involvement in Sierra Leone’s civil war. In late 2005, President Ellen JOHNSON SIRLEAF became president after two years of transitional governments; she was the first female head of state in Africa. In 2011, JOHNSON SIRLEAF won reelection but struggled to rebuild Liberia’s economy, particularly following the 2014-15 Ebola epidemic, and to reconcile a nation still recovering from 14 years of fighting. In 2017, former soccer star George WEAH won the presidential runoff election.  
Value
Country Full Name
Liberia
Country Code
LBR
Region
Sub-Saharan Africa
Income Group
Low income
Currency Unit
GDP
3201187800
Population
5057677
Land Area
96320
Net National Income Per Capita
279.6264041
GDP per Capita (PPP)
1468.358578

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Liberia - Economic

Economy of Liberia

Liberia is a low-income country that relies heavily on foreign assistance and remittances from the diaspora. It is richly endowed with water, mineral resources, forests, and a climate favorable to agriculture. Its principal exports are iron ore, rubber, diamonds, and gold. Palm oil and cocoa are emerging as new export products. The government has attempted to revive raw timber extraction and is encouraging oil exploration.In the 1990s and early 2000s, civil war and government mismanagement destroyed much of Liberia’s economy, especially infrastructure in and around the capital. Much of the conflict was fueled by control over Liberia’s natural resources. With the conclusion of fighting and the installation of a democratically elected government in 2006, businesses that had fled the country began to return. The country achieved high growth during the period 2010-13 due to favorable world prices for its commodities. However, during the 2014-2015 Ebola crisis, the economy declined and many foreign-owned businesses departed with their capital and expertise. The epidemic forced the government to divert scarce resources to combat the spread of the virus, reducing funds available for needed public investment. The cost of addressing the Ebola epidemic coincided with decreased economic activity reducing government revenue, although higher donor support significantly offset this loss. During the same period, global commodities prices for key exports fell and have yet to recover to pre-Ebola levels.In 2017, gold was a key driver of growth, as a new mining project began its first full year of production; iron ore exports are also increased as Arcelor Mittal opened new mines at Mount Gangra. The completion of the rehabilitation of the Mount Coffee Hydroelectric Dam increased electricity production to support ongoing and future economic activity, although electricity tariffs remain high relative to other countries in the region and transmission infrastructure is limited. Presidential and legislative elections in October 2017 generated election-related spending pressures.Revitalizing the economy in the future will depend on economic diversification, increasing investment and trade, higher global commodity prices, sustained foreign aid and remittances, development of infrastructure and institutions, combating corruption, and maintaining political stability and security.

Unemployment Rate

Inflation Rate

Liberia - GDP Composition

GDP Composiiton & Value Added of Liberia

Last Updated: Jan, 2021, Updated For 2020.

Liberia - GDP, Value Added

Demographics of Liberia

more than half of the population lives in urban areas, with approximately one-third living within an 80-km radius of Monrovia as shown in this population distribution map
Geographic Location

Western Africa, bordering the North Atlantic Ocean, between Cote d'Ivoire and Sierra Leone

Races

Kpelle 20.3%, Bassa 13.4%, Grebo 10%, Gio 8%, Mano 7.9%, Kru 6%, Lorma 5.1%, Kissi 4.8%, Gola 4.4%, Krahn 4%, Vai 4%, Mandingo 3.2%, Gbandi 3%, Mende 1.3%, Sapo 1.3%, other Liberian 1.7%, other African 1.4%, non-African .1% (2008 est.)

Languages

English 20% (official), some 20 ethnic group languages few of which can be written or used in correspondence

Religion

Christian 85.6%, Muslim 12.2%, Traditional 0.6%, other 0.2%, none 1.5% (2008 est.)

Dependency & Expectancy of Liberia

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Liberia - Social Media Briefing

Liberia - Social Media & Social Commerce

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Politics & Policies of Liberia

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, ECOWAS, EITI (compliant country), FAO, G-77, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, ISO (correspondent), ITU, ITUC (NGOs), MIGA, MINUSMA, NAM, OPCW, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO (observer)

Import of Liberia

Export of Liberia

Import Destination

Export Destination