BCN-06 Liberia’s Weah projects economic growth after virus downturn

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BCN-06

LIERIA-POLITICS-ECONOMY

Liberia’s Weah projects economic growth after virus downturn

MONROVIA, Jan 26, 2021 (BSS/AFP) – Liberia’s economy is projected to grow 3.2 percent in 2021 after a year of virus-related contraction, President George Weah said Monday as he marked three years in power.

The footballer-turned-president entered office in January 2018 promising to revive the West African country’s ailing economy and create jobs for the poor.

But his tenure has been marked by frustrations over persistent economic woes — including soaring inflation and fuel and banknote shortages — which have provoked anti-government protests.

Addressing Liberia’s legislature, Weah said the country’s real GDP fell by three percent in 2020, largely because of coronavirus lockdowns in the country, as well as international trade and travel disruptions.

He added: “This year, the economy is projected to grow by 3.2 percent, on account of expected growth in all major sectors of the economy.”

However, the economic recovery will depended “on the persistence, or otherwise, of COVID-19,” Weah said.

As with other African countries, Liberia’s official infection rate is far below levels seen in the West, having recorded 1,927 cases and 84 deaths since March.

The country was badly hit by West Africa’s 2014-16 Ebola pandemic, which killed 4,800 people in Liberia alone.

One of the world’s poorest economies, Liberia is also still recovering from civil wars between 1989 and 2003, which claimed around a quarter of a million lives.

Weah said the government had reduced inflation from about 30 percent in December 2019 to 12 percent the following year.

He also said he aimed to “reset the foundation of monetary policy” to address cash shortages.

BSS/AFP/MSY/0933 hrs