Currency | Liberian dollar (LRD) United States dollar (USD) |
---|---|
Trade organizations | AU, AfCFTA (signed), African Development Bank, ECOWAS, MRU, WAMZ, WTO, Group of 77 |
Country group | |
Statistics | |
Population | 5,073,296 (2020 est.)[3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
20.5% (2020 est.)[4] | |
Population below poverty line | |
35.3 medium (2016)[7] | |
Labor force | |
Labor force by occupation |
|
Unemployment | 2.8% (2014 est.)[12] |
Main industries | mining (iron ore and gold), rubber processing, palm oil processing, diamonds |
External | |
Exports | $260.6 million (2017 est.)[3] |
Export goods | rubber, timber, iron, diamonds, cocoa, coffee[3] |
Main export partners |
|
Imports | $1.166 billion (2017 est.)[3] |
Import goods | fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs[3] |
Main import partners |
|
−$627 million (2017 est.)[3] | |
Gross external debt | $1.036 billion (31 December 2017 est.)[3] |
Public finances | |
34.4% of GDP (2017 est.)[3] | |
−4.3% (of GDP) (2017 est.)[3] | |
Revenues | 553.6 million (2017 est.)[3] |
Expenses | 693.8 million (2017 est.)[3] |
Economic aid | recipient: International multi-billion dollar debt relief and development aid |
$459.8 million (31 December 2017 est.)[3] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Liberia is extremely underdeveloped, with only $3.222 billion by gross domestic product as of 2019, largely due to the First (1989–1996) and Second Liberian Civil War (1999–2003). Liberia itself is one of the poorest and least developed countries in the world, according to the United Nations.
Until 1979, Liberia's economy was among the more developed and fastest-growing in Sub-Saharan Africa, but after the 1980 coup d'état, it declined, and the civil war destroyed much of Liberia's economy and infrastructure, especially the infrastructure in and around the nation's capital, Monrovia. The war also caused a brain drain and the loss of capital, as the civil war involved overthrowing the Americo-Liberian minority that ruled the country. Some have returned since 1997, but many have not.
Liberia is richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, but poor in human capital, infrastructure, and stability. Liberia has a fairly typical profile for Sub-Saharan African economies. The majority of the population is reliant on subsistence agriculture, while exports are dominated by raw commodities such as rubber and iron ore. Local manufacturing, such as it exists, is mainly foreign-owned.
The democratically elected government, installed in August 1997, inherited massive international debts and currently relies on revenues from its maritime registry to provide the bulk of its foreign exchange earnings. The restoration of the infrastructure and the raising of incomes in this ravaged economy depend on the implementation of sound macro- and microeconomic policies of the new government, including the encouragement of foreign investment.[according to whom?]