Liberia - Current economic position and prospects - review of major sectors

Report No. 1642a-LBR Current Economic Position 7 and Prospects of Liberia Review of Major Sectors February 28, 1978 Western Africa Country Programs I FOR OFFICIAL USE ONLY Document of the World Bank This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS The official monetary unit is the Liberian dollar with a par value equal to that of the U.S. dollar. Apart from the Liberian dollar, the U.S. dollar is legal tender in Liberia.  FOR OFFICIAL USE ONLY TABLE OF CONTENTS Page No. MAPS PREFACE COUNTRY DATA SUMMARY AND CONCLUSIONS ................ ........... **** ....*... i-vi I. POPULATION, MANPOWER AND EMPLOYMENT 1................ ......... I II. ECONOMIC STRUCTURE AND GROWTH ............. . .................. . . 3 III. PUBLIC FINANCE ..... .. ............ . .................. 12 IV. MONEY, BANKING AND PRICES . ................ s ............. 17 V. EXTERNAL TRADE AND PAYMENTS ........................................ 22 VI. THE DEVELOPMENT PLAN AND MEDIUM-TERM PROSPECTS .26 ANNEXES A. AGRICULTURE ....................................... A 1 B. THE MINING SECTOR ............ . ............................ A23 C. THE TRANSPORT SECTOR ............ ..... ...... .... .......... A37 D. TRAINING AND MANPOWER ......... .................. A45 STATISTICAL APPENDIX This report is based on the findings of an economic mission which visited Liberia in November/December 1976. The mission was composed of Mr. F.A. Atabani (Mission Chief), Mrs. A. Uluatam (General Economist), Messrs. K.T. Yurukoglu (General Economist), W. Kock (Agricultural Economist), D.S. Jovanovic (Transport Economist), J.H. Coates (Manpower Specialist) and S. Rexworthy (Minerals Economist - Consultant). The final draft of this report was dis- cussed with the Government in Monrovia in November 1977. Further comments were made by the Government in February 1978. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorizaltion.   Preface This report updates the information and analysis contained in the report No. 426a - LBR entitled "Liberia: Growth with Development, A Basic Economic Report" dated March 1, 1975, and the subsequent short economic re- port No. 873 LBR entitled "Liberia Economic Memorandum" dated September 15, 1975. The conclusions of the present economic report are somewhat different from those reached in the previous reports because the recent developments in the international economy, particularly the 1974-1975 recession in indus- trialized countries which adversely affected the performance of Liberia's major exports and hence the overall performance of the-economy. Besides projections on the demand for manpower and production and exports of iron ore, the present economic report contains no macro-economic projections mainly because of the extensive revision of the Development Plan, currently underway. This report also includes a review of the major sectors of the economy as well as a summary analysis of the main aspects and problems of Manpower and Training.   - V 10 7- ............. MINE S 9 n D N SI ER RA LEONE J 6 97 ,. -o 2X -s jI ~~~~~~~~~~~~~~~~~L 0 F A A l -A/on. I , V ~ ~~~~~ mO/UN T Y zorzo\2 G U I N E A i5^oi X t MANO ARIVER t e R X- N RN XGRAND>C>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~co P1091- .9MIBtN. \. _ L S COUNTYt Z orzOrN GUINEIA NO1 <> t Xl MINE 7 9 \ O ~~U N T Y 7* \ WPS AJG A > < TCPetDX DT~~~~~~~~~~~~~~~~~IV R Y C O A S T MONROVIt/ 2 / I GRAND C 9GR0ND -6- BUc anor t 6- COUNT K 4K / BO Sokk <) AR7 \\~~~~~~~~~~~G R AJ G GE D EH L Vfg / X ,X C O U( N T Y A t n I c A LIBERIA X S/XO Oc e on reenv,l < -5' - PRIMARY ROAD BITUMINOUS/ - , LATE.4lTE ROADS \/ j Nyocke RAILROADS 5 COUNTY BOUNDARIES CILAUNTERS SCsPt M ARYLAND t -*- INTERNATIONAL BOUNDARIES 10D109 t 0t 9- / bAd,A=0w0ooU,,I,.,oU A1n9, ftt > ttr E- 8Q_ _ APRIL 1977   j0 80 ) B~ LIBERIA j IRON ORE MINING CONCESSIONS GUINEA ~~~~~~~~~~~~~~~~~~~~~~~~~~~~IHON ORE DEPOSIT ~ \ G U I N EA j I ACTIVE IRON ORE MINES YEKEPA 0 1 ~~~~~~~~~TOWNS / YEI(EPA LAM CO ~~~~~~~~~~~~~~~~~~~~~~~~~~~RIVERS V NMBA ME _ RAILWAYS ( - -- - > REROIONAL SOUNOARIES -- COUNTY BOUNDARIES as WOLOG151 ILISCOI | g \, P ( N I M BA t - - INTERNATIONAL BOUNDARIES WOLOGISI 50) NIMBA LOFA