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Liberia’s economy rebound with 3.2% growth

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Authorities at the Central Bank of Liberia (CBL) say the country’s economic growth is expected to rebound at 3.2% growth from a negative 1.2% in 2016.


In its 2017 Management Policy Document released on Monday 8 May, the CBL said there has been a slight improvement in the economy as being projected. Announcing the release of the document, CBL Executive Governor, Mr. Milton A. Weeks, said growth in the Liberian economy is expected to rebound to 3.2 percent in 2017, up from negative 1.2 percent which was recorded in 2016.

The level of growth, the Central Bank Governor indicated in the policy document, is expected to be driven by all the sectors of the economy except forestry, which is expected to register a flat growth of 0.0 percent when compared with 2016.

Annual average inflation, Governor Weeks disclosed, is expected to take an upward trend in 2017 to around 11.0 percent. The rise is attributed to the depreciation of the Liberian Dollar. Any drop to a single-digit rate of inflation, the CBL Governor said would depend on the movement of the exchange rate, international oil and food prices and the level of improvements in roads construction and energy supply.

As a key policy direction for 2017, the CBL Governor said the bank will remain focused on its core mandate during the year, in order to achieve its monetary policy objectives. He said the bank will continue to work closely with the fiscal authorities and other stakeholders to improve the Liberian financial sector with a view of promoting economic growth and development. The Governor Weeks said the bank will also continue its efforts in sustaining a stable macroeconomic environment characterized by broad exchange rate stability and low inflation, despite the country’s slow recovery from the two shocks of the recent health crisis and the slumps in commodity prices.

 

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