{"id":23889,"date":"2022-09-28T10:30:53","date_gmt":"2022-09-28T10:30:53","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index"},"modified":"2022-09-28T10:50:45","modified_gmt":"2022-09-28T10:50:45","slug":"liberias-strong-economic-growth-overshadows-by-low-human-capital-index","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index","title":{"rendered":"Liberia\u2019s Strong Economic Growth overshadows by Low Human Capital Index"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>The World Bank\u2019s latest edition of its annual \u2018Economic Update\u2019 on Liberia shows that the Liberian economy experienced strong growth in 2021. After contracting by 3.0 percent in 2020 due to the COVID-19 pandemic, growth recovered to 5.0 percent in 2021, the reports said.<\/p>\n

However, the economic update also reports that Liberia\u2019s Human Capital Index is as low as 0.32, performing better than only three countries in the world\u2014out of 174 countries assessed.<\/p>\n

The rebound<\/b><\/p>\n

Launching the third edition of the annual Liberia Economic Update under the theme: \u201cInvesting in Human Capital for Inclusive and Sustainable Growth,\u201d the World Bank said the rebound was driven by improved external demand, higher prices for Liberia\u2019s main exports, and the resumption of normal domestic activity.<\/p>\n

According to the Bank, growth slowed in the first half of 2022, even when mining and construction continued to perform well. In agriculture, rubber and cocoa production dropped by 13.5 percent and 27 percent, respectively. In the industrial sector, iron ore, gold, and cement production all increased, reflecting firmer international prices and an uptick in construction activity. However, services growth fell, as reflected in the decline in beverages and electricity production.<\/p>\n

\u201cThe positive economic growth of 5.0 percent in 2021 from the COVID-19-induced recession in 2020 is important for Liberia\u2019s efforts to reduce poverty,\u201d said Khwima Nthara, World Bank Country Manager for Liberia. \u201cGoing forward, the focus should be to sustain the recovery and ensure that growth is inclusive through investments in human capital, social protection, and labor-intensive productive sectors such as agriculture,\u201d he added.<\/p>\n

Despite the 2021 uptick, the Bank warned that growth is projected to slow down to 3.7 percent in 2022, reflecting increased global uncertainties and commodity price shock, but reach an average of 5.2 percent over 2023-2024.<\/p>\n

Beyond 2022, growth is underpinned by significant tailwinds for mining, the government\u2019s planned scale-up of public investment, and the implementation of structural reforms including in key enabling sectors such as energy, trade, transportation, and financial services.<\/p>\n

It added that Inflation is projected to remain low and stable, averaging 7.2 percent per year in 2022-2024. Sustaining low levels of inflation would help Liberian households to retain their purchasing power, and it is projected that by 2023 poverty rates will start to decrease. The fiscal deficit is projected to widen to 4.3 percent in 2022 but improve in the medium term with reforms aimed at improving domestic resource mobilization and consolidating expenditures. Notably, the lingering effects of the war in Ukraine could pose significant risks to the outlook.<\/p>\n

Liberia\u2019s worst Human Capital Index<\/b><\/p>\n

The economic update also reports that Liberia\u2019s Human Capital Index is as low as 0.32, performing better than only three countries in the world\u2014out of 174 countries assessed. By 2020, the human capital gap in Liberia was mainly driven by poor education (contributing 50 percent), poor health (12 percent), and survival (7 percent).<\/p>\n

The underlying factors contributing to the country\u2019s low human capital outcomes, the report adds, are multiple and complex. They include weak institutions, ineffective service delivery, demographic pressures, and low and inefficient social spending. In addition, poor coordination among government agencies responsible for human capital development often results in unresponsive or suboptimal service delivery.<\/p>\n

\u201cLiberia\u2019s human capital outcomes are amongst the worst in the world largely due to slow progress in education and health,\u201d said Gweh Gaye Tarwo, Liberia Country Economist and main author of the report. \u201cThus, improving the country\u2019s human capital outcomes would require significant interventions in the health and education sectors. Investing in human capital will be crucial for Liberia to grow faster, reduce poverty, and deliver substantial social benefits in the long term. The Liberian Government has made some strides in these sectors, but more can be done,\u201d he pointed out.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. The World Bank\u2019s latest edition of its annual \u2018Economic Update\u2019 on Liberia shows that the Liberian economy experienced strong growth in 2021. After contracting by 3.0 percent in 2020 due to the COVID-19 pandemic, growth recovered to 5.0 percent in 2021, the reports said. However, the economic update also reports that Liberia\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":23888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,237,234],"class_list":["post-23889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLiberia\u2019s Strong Economic Growth overshadows by Low Human Capital Index - Liberia<\/title>\n<meta name=\"description\" content=\"The World Bank\u2019s latest edition of its annual \u2018Economic Update\u2019 on Liberia shows that the Liberian economy experienced s ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberia\u2019s Strong Economic Growth overshadows by Low Human Capital Index\" \/>\n<meta property=\"og:description\" content=\"The World Bank\u2019s latest edition of its annual \u2018Economic Update\u2019 on Liberia shows that the Liberian economy experienced s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-28T10:30:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-28T10:50:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2022\/09\/postQueueImg_13-633426ecca30e.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1430\" \/>\n\t<meta property=\"og:image:height\" content=\"1272\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liberia\u2019s Strong Economic Growth overshadows by Low Human Capital Index\",\"datePublished\":\"2022-09-28T10:30:53+00:00\",\"dateModified\":\"2022-09-28T10:50:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index\"},\"wordCount\":629,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2022\/09\/postQueueImg_13-633426ecca30e.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberias-strong-economic-growth-overshadows-by-low-human-capital-index\",\"name\":\"Liberia\u2019s Strong Economic Growth overshadows by Low Human Capital Index - 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