Publication: Liberia Economic Update: Powering Growth with Reliable, Affordable and Sustainable Energy Access
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2024-09-11
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2024-09-11
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Economic growth has rebounded over the past three years but is still fragile due to increased macroeconomic vulnerabilities. The industrial sector has been a key driver of Liberia’s economic growth, particularly in 2023. Structural issues continue to hinder Liberia’s economic diversification and resilience. Sustaining growth also requires addressing macroeconomic and fiscal challenges. Amidst shifting overseas development assistance and global investment trends, taking concrete steps to address macroeconomic and fiscal challenges is necessary to generate the resources needed to support public investment for a better Liberia. Achieving universal access to electricity remains a crucial challenge for supporting Liberia’s economic growth, public service delivery, and household well-being. Overcoming barriers to private sector investment in Liberia is imperative for future growth. Leadership and coordination are essential for impactful reforms. Leadership, coordination, and prioritization are crucial for impacting the business environment and sector reform agenda. The government has expressed its commitment to private sector-led growth and leveraging private sector investment in key sectors, including energy. To transform this goodwill into tangible impacts, transparent leadership, a robust coordination mechanism inclusive of private sector representatives, and prioritization of reforms are needed. Improving Liberia’s business environment requires a mix of legal and regulatory reforms and practical interventions to support the private sector.
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“World Bank. 2024. Liberia Economic Update: Powering Growth with Reliable, Affordable and Sustainable Energy Access. © World Bank. http://hdl.handle.net/10986/42140 License: CC BY-NC 3.0 IGO.”
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