Liberia’s Finance minister Amara Konneh said the bottlenecks in the country’s economy as it relates to inflation and unemployment is structural and that growth potential and employment opportunities was only guaranteed mainly through the private sector and service industries.
Konneh asserts that despite experiencing a 7% growth since 2003, the Liberian economy still shows little in job creation opportunities to match that growth adding that the post-war economic growth achieved by President Ellen Johnson Sirleaf since 2006 sustained in 2012, led by the first full year of iron ore exports, construction, and strong performance in the service sector, still faces the daunting challenge of unemployment.
“Progress is slow across all sectors of the economy and unemployment, particularly among the young, remains unacceptably high,” said Konneh in a state of the economy address Tuesday.
“Further policy actions are needed to reverse the current structural unemployment in the Liberian economy by appropriately leveraging the presence of big investments on the ground. Our efforts to create more employment should be closely linked to reforms that remove supply-side bottlenecks.”
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