Liberia economy has for some time been in a phase of post-war expansion. Liberia economic development is recorded to be showing positive signs of advancement in various sectors.
In 2011 Liberia economy had realized further expansion for the 8^th year in a row since the two successive civil wars which Liberia suffered in the 1980’s. The growth realized by Liberia economy was measured at 6.9%.
This expansion of the Liberian economy was due to higher levels of timber production, consistent exports of rubber, as well as iron-ore from Liberia.It is hope that the potential for more expansion of the Liberia economy is achieved in the near future through increased levels of foreign direct investment in the establishment of mines, the development of plantations for palm-oil production and continued exports in timber and rubber.
Iron-ore exports in the economy of Liberia were expected to contribute at least 8.8 percent to gross domestic product in 2012, while forecasts reveal the possibility of a 1 percent drop in the following year.
A series of rebuilding and development plans have been implemented with the aim to lower p0verty levels and promote Liberia economic development. A five year development strategy designed for the years 2010 to 2017 aims to secure progress in the long run for Liberia economy.The plan is also to transform the economy of Liberia into that of a higher income earning nation by the year 2030.
It is hoped that this long-term progress is secured through the exploitation of the natural resources with the potential to greatly benefit Liberia economy. Care must be taken, however, as this progress must cover a wide enough section of the population of Liberia economy so that jobs are generated as much as possible, and these new initiatives in Liberia economy do not appear to be concentrated to only certain sectors.
Policies for investing in business in Liberia economy have been made more investor friendly so that setting up a business is not a complicated process. In this regard, Liberia economic policies involve more avenues for obtaining credit.Education and professional training are key areas within the Liberia economy which must be improved so that Liberia economic plans and strategies are successfully fulfilled. Government has its own efforts to make in terms of increasing the efficiency of its various departments, developing infrastructure and creating a more transparent climate for Liberia economy.