MONROVIA, Liberia – October 29, 2025 – The Liberia Economic Update, a new World Bank report has been released today in Monrovia urging Liberia’s fiscal managers and policymakers to seize a pivotal moment to steer the nation toward sustained economic growth and job creation.
The report emphasizes that with the right policy actions, fiscal discipline, and private sector engagement, Liberia can move beyond its historic cycles of economic volatility toward a more resilient and inclusive future.
Strong Foundation for Renewed Progress.
The report highlights that Liberia achieved robust economic growth between 2004 and 2014, averaging approximately 7% annually. Growth, however, slowed to 1.4% per year from 2014 to 2023 due to global and domestic shocks. Despite these challenges, the World Bank notes that ongoing reforms in public financial management and fiscal stability provide a strong foundation for renewed progress.
The World Bank commended the Government of Liberia for its efforts to stabilize the economy and strengthen fiscal responsibility.
“Continued commitment from fiscal authorities will be essential to promote private sector growth and create sustainable jobs,” the Bank indicated.
From Stabilization to Inclusion,
The report, titled “From Stabilization to Inclusion: Pathways to Resilient Growth and Productive Jobs,” aligns closely with President Joseph Boakai’s ARREST Agenda, which prioritizes agriculture, roads, rule of law, education, sanitation, and tourism.
Deputy Finance Minister for Economic Management Hon. Dehpue Y. Zuo reaffirmed the government’s commitment to sustaining economic growth and ensuring that its benefits reach all Liberians.
“We are doing everything within our effort as a country to sustain growth,” Hon. Zuo said, emphasizing that the report will inform planning for the Fiscal Year 2026 national budget and development agenda.
He further highlighted the government’s shift from stabilization toward inclusive development, particularly through public-private partnerships (PPPs).
“With support from the World Bank, we now have a policy on PPPs as a driver for job creation. The approach not only creates jobs and stabilizes the economy, it provides opportunities for our young people to innovate and bring development to our country,” Hon. Zuo stated.
Revenue Ambitions and Call to Action
Hon. Zuo announced that the government is pursuing an ambitious goal of achieving US$1 billion in national revenue, citing strong current performance and collaboration with the Liberia Revenue Authority and development partners.
He called on all stakeholders including the private sector, civil society, and development partners to move from advocacy to active participation in the economy.
“Long years ago, we were all saying we need change. But once you are a player, you have to make that change as a player, not a spectator in your own economy,” he said.
World Bank Four-Part Strategy for Growth and Job Creation
The report outlines a strategy closely aligned with accelerating growth and job creation in Liberia. The plan focuses on improving the business environment, supporting small enterprises, investing in skills training and entrepreneurship, and channeling resources into high-potential sectors such as agro-processing and light manufacturing.
Private Sector at the Center of Job Creation
Speaking earlier, World Bank Managing Director for Liberia, Ms. Georgia Wallen, emphasized the private sector’s critical role in creating sustainable employment.
“The only better way to create sustainable employment is not through government, but through the private sector. This raises the urgency for high-level coordination, regulatory reforms, and stronger support for SMEs,” Ms. Wallen said.
She also called for a review of the country’s school curriculum and skills development programs to better prepare Liberians for entrepreneurship and the labor market.
Building a More Resilient Future
With economic stability improving and reforms gaining momentum, the Ministry of Finance and Development Planning (MFDP) reaffirmed its commitment to implementing sound fiscal policies that promote inclusive growth. Working alongside the Central Bank of Liberia, development partners, and the business community, the Ministry aims to ensure that every Liberian benefits from sustained progress.
The World Bank report concludes that Liberia’s transformation depends on collaboration, strong fiscal management, and investment in its people. With coordinated action, the country can build a dynamic economy that provides opportunities for all.
