A new report from a team of economists has found that the recovery in the Liberian mining industry in the past four years has been far more robust and robust than initially thought.
The authors say their work confirms what many experts have long been saying, that the Liberians economic recovery is now more robust, more stable and more resilient than previously predicted.
The new report, which was published in the Journal of Development Economics, was published last week and comes just weeks after the country reported its first monthly growth in its gross domestic product (GDP).
“We have been expecting a strong recovery in mining industry performance, which has been slow and sluggish,” said Dr. Paul Cazares, a professor of economics at the University of Pennsylvania and co-author of the study.
“But it looks like we have actually got much more stable performance, and we are actually having a strong economic recovery.”
The economists looked at a wide range of data in order to better understand what led to the country’s recovery.
“Our analysis has revealed that the initial recovery from the 2010 civil war and subsequent economic crisis was largely driven by the collapse of international mining revenues,” the report’s authors wrote.
“The economic recovery following the 2010 war was much more rapid, with GDP rising by nearly 60 percent.”
“The government has been pursuing an ambitious programme to reform mining in Liberia, which is expected to bring a further 5,500 mining jobs and generate additional $1.6 billion in new spending,” the authors continued.
“However, we estimate that mining revenues are already much lower than expected, which suggests that the government’s policies have been less effective in meeting its commitments to improve the countrys economy.”
While we do not yet have the full picture of the governments approach to reform, our analysis suggests that it will be a long, slow and difficult process that will take years.”
Liberia, a country of 1.2 million people, was the last of its neighbours to declare independence from Portugal in 1957.
Its population is roughly 3.5 million.