IMF cuts Liberia’s 2019 growth forecast

The International Monetary Fund has cut down on Liberia’s 2019 growth outlook as inflation erode gains made in revenue collection.

In a report published on its website, the Breton Wood Institution said, growth for the West African nation is now estimated at 1.2 percent lower than 2.5 percent in 2017.

It also said the forecast for 2019 on current policies has been reviewed down to 0.4 percent from 4.7 percent.

According to the IMF, Liberia’s inflation jumped to 28 percent in December.

It said revenue reforms hold a considerable potential to directly expand the resource envelop and enhance a needed rise in social spending.

The IMF staff in Liberia recommends significant action to improve the business climate, while removing administrative constraints on imports and prices to boost competition.

Source: www.africanews.com

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About Cholo Brooks 14438 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.