Liberia experienced strong economic growth since the mid-1950s that continued into the mid-1970s, propelled primarily by the contribution of an export boom in iron ore and natural rubber and a stable political environment.

As a result, the average annual growth rate was remarkable, being more than 7 percent from 1955 to 1975 (World Bank, 1912).

However, this began to decline in the 1970s to 3.5 percent, and further to an average annual growth rate of negative 0.8 percent in the 1980s, (AfDB, 2022; Feenstra et al, 2021, Penn World Tables Data).

This was chiefly due to worsening external terms of trade and growing economic mismanagement that was expounded by a debt burden that included a growing level of external arrears.

The latter led to a breakdown of relations with international creditors and donors (World Bank, 2018; UNCTAD, 2000).

Report by World Development Bank