Liberia is a small West African country, slightly larger than Tennessee, with a population of 3.5 million as of 2008. Bordered by Guinea, Sierra Leone, Cote d’Ivoire, and the Atlantic Ocean, the country is richly endowed with minerals, timber, rubber and a favorable climate for agriculture.
Years of civil strife that destroyed much of Liberia's economic infrastructure ended in 2003, elections were held in 2005, and a new government has made positive strides aimed at political stability and economic recovery since 2006. The presence of a large UN peacekeeping mission in Liberia is helping the government to strengthen security and consolidate the prevailing peace.
The Government of Liberia has drawn up and is implementing a three-year poverty reduction program (2008-2011) for consolidating peace, revitalizing the economy, strengthening governance, and restoring infrastructure. The government has embarked on an ambitious reform agenda that encompasses governance reform, civil service reform, business reform, land reform, and public financial management reform.
Liberia currently enjoys an enormous amount of international goodwill and growing investor interest. The UN sanctions on the export of Liberia’s timber and diamonds were lifted in 2006 and 2007 respectively. There are investment opportunities in mining, rubber, agro-forestry, services sector, hotel and housing. The National Investment Commission of Liberia recorded US$132 million in new investment in 2008, and sets a target of US$100 million a year for future years. In 2008 Liberia improved 13 places on IFC’s “Doing Business” survey to 150 out of 181 countries, as a result of several business and regulatory reform initiatives.
The economy was growing at the rate of 9.5% in 2007, with a GDP of US$473.9 million. The average annual inflation dropped from 11.4% in 2007 to 9.4% in 2008. Imports into Liberia totaled US$ 499 million in 2007 of petroleum products, food and live animals, machinery, transport equipment, and manufactured products. And exports recorded only US$184 million, of which rubber accounted for 93%.
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