MONROVIA – The World Bank has handed Liberia a scorecard with two faces. On paper, the headline numbers glitter. The economy grew 5.1 percent in 2025, and mining jumped 17 percent. The deficit narrowed, and public debt eased to 55.1 percent of GDP. But agriculture, where most Liberians toil, slowed to 2.6 percent. International reserves cover only about 1.6 months of imports. That leaves the country one external shock away from trouble. The Bank’s seventh Liberia Economic Update also turns the spotlight on state-owned enterprises. Their weak reporting carries fiscal risks for ordinary taxpayers. The report’s message to the Boakai Government is blunt. Stability is necessary, but jobs are the real test.
Liberia’s economy grew by 5.1 percent in 2025, supported by a strong rebound in mining and continued expansion in services, according to the seventh edition of the World Bank Group Liberia Economic Update (LEU), launched in Monrovia on Monday, November 2, 2026. However, the report stressed that stronger and more inclusive job creation will be critical to translating economic growth into broader improvements in living standards.
The report, titled “Beyond Growth: Addressing Structural Constraints to Job-Rich Growth in Liberia,” examines Liberia’s recent economic performance and the structural constraints affecting poverty reduction and job creation. It also assesses the oversight and performance of state-owned enterprises (SOEs) and outlines reforms to reduce fiscal risks and support more inclusive growth.
“Liberia’s recent economic gains are encouraging. The key challenge now is translating growth into opportunities and improvements in people’s lives,” declared Georgia Wallen, World Bank Group Country Manager for Liberia.
“Achieving Liberia’s national development goals means sustaining macroeconomic stability while addressing the structural barriers that prevent businesses from expanding, workers from accessing productive opportunities, and communities from fully participating in the country’s growth.”
Mining Surges, Agriculture Slows
According to the report, mining expanded by 17 percent in 2025, while services grew by 4.6 percent, supported by trade, electricity supply, and transport. Agricultural growth, however, slowed to 2.6 percent.
The World Bank noted that Liberia also made progress in strengthening its fiscal position, with the overall fiscal deficit narrowing to 2.1 percent of gross domestic product (GDP) from 2.5 percent in 2024. Public debt declined from 56.4 percent to 55.1 percent of GDP. Inflation remained contained, supported by tight monetary policy, a broadly stable exchange rate, and moderate global food and fuel prices.
However, the report observed that external buffers remain limited, with international reserves covering about 1.6 months of imports at the end of 2025. This, it stated, underscores Liberia’s continued vulnerability to external shocks.
Spotlight on State-Owned Enterprises
Part two of the report focuses on SOEs, which provide important services and have implications for public finances. It highlights the importance of strengthening SOEs’ oversight, transparency, financial reporting, and performance as part of Liberia’s broader reform agenda. The report also calls for greater attention to the fiscal risks associated with SOEs and clearer accountability for their financial and operational performance.
“State-owned enterprises play an important role in delivering essential services, but strong oversight is critical to ensuring that they operate transparently and sustainably,” noted Bonnie Ann Sirois, World Bank Group Senior Public Sector Specialist and co-author of the report. “Improved financial reporting, accountability, and monitoring of fiscal risks can help protect public resources and strengthen their contribution to Liberia’s development.”
Four Priorities for Job-Rich Growth
The report highlights several policy priorities to help Liberia translate economic growth into broader development gains. These include preserving macroeconomic stability through prudent fiscal management, stronger domestic revenue mobilization, and rebuilding external buffers, as well as enabling private sector growth and job creation by addressing constraints that limit productive investment and economic diversification.
The priorities further include strengthening SOE governance and oversight, including financial reporting, transparency, accountability, and monitoring of fiscal risks. The report also recommends promoting more inclusive growth by focusing policy and investment on expanding productive economic opportunities and improving livelihoods.
“Liberia needs to build on its macroeconomic progress by addressing the structural constraints that limit productive investment and job creation,” stated Gweh Gaye Tarwo, World Bank Group Country Economist and lead author of the report. “Stronger fiscal management, a more enabling environment for the private sector, and improved governance of state-owned enterprises can help put the economy on a more sustainable and job-rich growth path.”
The Liberia Economic Update is a World Bank Group publication that reviews recent economic developments and prospects and provides analysis of key development issues. The seventh edition focuses on translating economic growth into poverty reduction and job creation and examines the oversight and performance of SOEs.
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