Liberia's apex bank forecasts economic rebound in 2017

Liberia's apex bank on Tuesday forecast a rebound in the economy this year, saying it is expected to grow at 3.2 percent from a negative 1.2 percent in 2016.

The level of growth is expected across all sectors of the economy except for forestry, which is likely to record a flat growth rate when compared to last year's data, Governor of the Central Bank of Liberia Milton Weeks told reporters here.

The apex bank chief said annual average inflation is expected to take an upward trend this year, up to around 11.0 percent, adding the rise could be attributed to the depreciation of the Liberian dollar.

"Any drop to a single digit rate of inflation would depend on the movement of the exchange rate, the international oil and food prices and the level of improvements in the construction of roads and energy supply," Weeks noted.

Being a low-income country, Liberia relies heavily on foreign assistance.

The country is richly endowed with a climate favorable to agriculture, forests, mineral resources and water.

The apex bank said it is working closely with fiscal authorities and other stakeholders to improve the country's financial sector with the view of promoting economic growth and development. Endit