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Liberia economy improving but still vulnerable: IMF

By on December 11, 2010

Liberia has made progress over the past two years in strengthening its institutions, cutting debt and improving regulations but faces many vulnerabilities, the International Monetary Fund said on Friday.

“Broad-based growth is necessary to reduce high levels of underemployment and widespread poverty,” the IMF said in a report after a review of the West African country.

It recommended using future commodity revenues to improve infrastructure and and said Liberia needs to develop its financial sector more fully to support development.

The IMF forecast Liberia’s gross domestic product, or total national output, will grow by 6 percent in 2010, an improvement from 2009’s expansion of 4.5 percent.

It urged Liberian authorities to take steps to bolster what it said were generally favorable medium-term prospects.

“Significant challenges stemming from volatile commodity prices and large development needs will need to be tackled to put the economy on a sustainable, high-growth path,” the IMF cautioned.

Reuters.

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