From Ultra-Low to High: Liberia set to surpass sub-Saharan Africa’s growth in 2024

Liberia’s gross domestic product (GDP) growth is expected to accelerate to 5.4 percent in 2024, up from an estimated 3.7 percent in 2023.

According to data from the Central Bank of Liberia, real GDP grew by 5.1 percent in the first quarter of 2024. This growth rate was driven by an underperformance in the agricultural sector and was lower than anticipated. As a result, Fitch Solutions has revised its full-year growth forecast down from 5.7 percent.

Despite this adjustment, the growth projection remains significantly higher than Liberia’s average growth rate of 3.0 percent from 2014 to 2023, and it also exceeds the 2024 growth forecast for Sub-Saharan Africa, which stands at 3.6 percent.

Liberia is a member of the African Continental Free Trade Area (AfCFTA).