Case Study of Liberian Economic Growth: Pertinent Lessons for Developing Countries
Liberia has been the victim of 14 years of civil war due to which GDP experienced a downfall by over 90% making the economic growth process halted. This paper traces the extent of Liberia’s collapse, and examines the patterns of post-conflict recovery as a model which can be followed by other conflict confronting developing countries. Paper explores the challenges faced by Liberia in strengthening rapid, inclusive, and sustained economic growth and how these challenges were converted into opportunities through institutional process. It examines the policy framework and institutional reforms which set the pace for sustainable economic growth in Liberia. Because of these steps, the economic growth, which was very low before 1999, showed positive improvement. In 2003 there was 32% increase in economic growth, but that growth has now been pushed up by at least 4.8% further. Overall this paper presents an excellent study to understand the challenges of economic growth and mechanism for its revival in poor and developing countries.
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- Joel M. Guttman, 2003. "Repeated interaction and the evolution of preferences for reciprocity," Economic Journal, Royal Economic Society, vol. 113(489), pages 631-656, 07.
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