Finance and Development Planning Minister, Amara Konneh, has attributed the drop in Liberia’s economic growth rate in part to the drop in the prices of rubber and iron ore on the global market.
Konneh disclosed that the country’s growth rate declined from 8.7 percent in 2013 to 5.9 percent projected in 2014, adding: “As you know, Liberia depends on these two resources as its main source of income generation.”
Konneh made the disclosure at the Ministry of Information regular press briefing in Monrovia on Thursday when he spoke on the present state of the Liberian economy.
The Finance Ministry official also named the decline in support from donors and non-governmental organizations as well as UNMIL drawdown as some of the factors that led to the drop in the country’s total growth in the period under review.
He also pointed to the Ebola virus negative impact on economic activities and government operations, adding: “The Ebola Virus Disease is Liberia’s worst ever disease outbreak.”
Konneh disclosed that the Ebola outbreak led to a serious decline in the country’s revenues and an increase in expenditure, something that led to the drop in the fiscal budget of 2014/2015 from US$559.3 million to US$473.2 million.
He blamed the decline mainly to the drop in concession activities, international trade, manufacturing and service industry as some of the constraints caused in revenue generation as a result of the virus.