Pillar One
Our Pillars
Macroeconomic Stability and Infrastructural Development
When Liberia had its first peaceful political transition of government in seventy years in 2018, Liberians and friends of Liberia were hopeful that sustained peace would also lead to a transition from one stable and well-managed economy to another. Instead, the last six years have witnessed the country backsliding into the abyss of economic despair. The Liberian economy has been performing poorly during this period resulting to decline in the purchasing power, increased vulnerability of employment in the private sector, and insecurity of tenure for civil servants and other public servants. Real GDP declined by 1.2% in 2018 and further contracted by 2.5% in 2019 (according to the IMF World Economic Outlook-April 2023). While the onset of the COVID-19 pandemic in 2020 contributed to a worldwide economic slowdown, the performance of the Liberian economy in that year cannot be totally attributed to the pandemic. The government’s unpreparedness and sluggish response strategies also contributed to the decline. As a result, an economy that was predicted at worst to witness zero growth in 2020 actually declined by 3% during the period due to the lack of appropriate mitigation policies and strategies, and the misapplication of the social and economic stimulus package designed by the government to cushion the economy and reduce the impact of the shock on the lives of ordinary Liberians.
Unity Party remains committed to building an economy that fulfills the goals of the Vision 2030 in which Liberia aspires to become a middle income country. This means creating a country in which the government makes efforts to increase the number of citizens who can take care of themselves from their own pockets, and creating a country with thousands of people who become rich from using what they have learned and from their own business activities. The Unity Party also believes in tying our development plans to the United Nations development agenda called the Sustainable Development Goals (SDGs), and the African Union’s development plan called Africa Agenda for Action 2063. That is why during our administration, we ensured that these three domestic, regional and global development agendas were harmonized so that the implementation of our plan will not stop us from achieving the goals of the others. The Unity Party-led government will be required to take appropriate actions to resuscitate the economy and restore dignity to our people. Our agenda would therefore include, ensuring efficient management of the economy to restore its growth potential, engaging in prudent fiscal management to ensure efficient utilization of the available budgetary resources, and restoring confidence in our monetary and financial sectors management programs.