MONROVIA, LIBERIA-The World Bank has launched its flagship report, the Liberia Country Economic Memorandum, titled “Escaping the Natural Resource Trap: Pathways to Sustainable Growth and Economic Diversification in Liberia.”
The report provides an in-depth analysis of Liberia’s economic outlook and examines how the country’s vulnerability to external shocks has influenced its sustainable growth and development.
It suggests that Liberia should undergo five significant transformations to create the necessary conditions for long-term development that can foster economic expansion, employment creation, and poverty alleviation for Liberians.
These transformations, the report says, involve reshaping Liberia’s macro-economy, shifting away from over-reliance on the mining sector towards activities better aligned with the labor demands and employment needs of an expanding urban population, among others.
The report also highlights Liberia’s potential for better performance and outcomes over the medium to long-term, provided ambitious and credible reforms are implemented to begin transforming the economy, modernizing the public sector, and improving governance.
Speaking at the program, Deputy Finance Minister for Economic Management Dephue Zuo, says the Liberian Government is intentional about bridging the economic, poverty, and generational gaps by promoting creativity and motivation.
Minister Zuo said,” Such actionable steps are being taken with a focus on improving the education system to align with job market needs and reduce poverty through manpower development.”
He also highlighted the government’s responsibility to address constraints and promote capital and labor preparation for economic diversification.
By: Frederick Teegwiah, Jr.
