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World Bank expert says Liberia’s economy is struggling…

Victor Kezelee /Maximilian Kasseh, Jr.

MONROVIA, LIBERIA-World Bank Liberia Country Economist, Daniel Boakaye, says Liberia’s economy is projected at 1.4 percent with large flight in inflation.

Addressing some of Liberia’s economic issues Wednesday, October 9, 2019, during the Africa Pulse Report meeting in Congo Town, Mr. Boakaye said the Mining Sector of the Country experienced growth by 7 percent, while the non-mining sector experienced a decline by 3.4 percent.

He said:” When the Country’s economy is declining, it affects revenue generation.”

Mr. Boakaye disclosed that close to half of the Country’s population lives below the poverty line.

The World Bank Country’s Economist said recent commitment by the Liberian Government to implement some financial reforms is a reform for financial growth.
In a related development, the World Bank says slow growth in Africa’s economies is due to global uncertainty, requiring the empowerment of poor people, including women and girls for progress.

The Economist for Africa of the World Bank, Albert Zeufack, made the assertion Wednesday, October 9, 2019 at the launch of the 20th Anniversary Edition of the Africa Pulse Report meeting in Monrovia.

Mr. Zeufack disclosed that over four-hundred-sixteen million people live below $1.90 cents per day and the lack of efforts to create economic opportunities and reduce risk for poor people will become almost an exclusive phenomenon by 2030.

According to Africa Pulse, the poverty agenda in Africa should put the poor in control, helping to accelerate the fertility transition and increase food security through agriculture among others.

For his part, World Bank Vice President for Africa Hafez Ghanem,emphasized that women empowerment will boost economic growth and removing barriers to their economic participation is the best way forward.

 


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