An Introduction to Liberia
The only country in Africa never to be colonised by a European power, the Republic of Liberia began around 1820 as a series of settlements for freed American slaves, aided by the American Colonization Society, and was established with roughly its present boundaries in 1847. The colonists based their model of government on that of the USA and named their capital, Monrovia, after James Monroe, fifth President of the USA. See full country profile.Latest Research News from Africa
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GOVERNMENT: republic
AREA: 111,369 sq km
POPULATION: 3,786,764 (July 2011 est.)
MAJOR LANGUAGE: Official Language: English
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Trade and Industry in Liberia
Due to its status as a flag of convenience, the country has the second-largest maritime registry in the world behind Panama, with 3,500 vessels registered under its flag, accounting for 11% of ships worldwide.
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The only country in Africa never to be colonised by a European power, the Republic of Liberia began around 1820 as a series of settlements for freed American slaves, aided by the American Colonization Society, and was established with roughly its present boundaries in 1847. The colonists based their model of government on that of the USA and named their capital, Monrovia, after James Monroe, fifth President of the USA.
The country began to modernize in the 1940s and was a founding member of the United Nations and the Organization of African Unity. A military coup overthrew the Americo-Liberian establishment in 1980, marking the beginning of political and economic instability and two successive civil wars that left approximately 250,000 people dead and devastated the country's economy. Despite a 2003 peace deal and democratic elections in 2005, Liberia is still recovering from the civil war and about 85% of the population living below the international poverty line.
GDP: $1.691 billion (2010 est.) - $500 per capita (2010 est.)
Religions Christian 85.6%, Muslim 12.2%, Traditional 0.6%, other 0.2%, none 1.4% (2008 census)
Currency: Liberian Dollar (LRD) - $1 = LRD 111.87
Telephone Code: +231
Liberia's economy peaked in 1979, fell 90% between 1989 and 1995 - one of the fastest economic declines in history - and nominal GDP per capita in 2010 stood at around $246, the third lowest in the world. Current impediments to growth include lack of adequate infrastructure, high transportation costs and poor trade links with neighbouring countries, and the country is dependent on foreign aid and the export of natural resources.
Mixed up in the Sierra Leonian conflice through blood diamond trading and its alleged funding of rebels, the country saw a UN b'n on diamond exports in 2001, lifted six years later; and on timber between 2003 and 2006. However, Liberia has the highest ratio of foreign direct investment to GDP in the world, with US$16 billion in investment since 2006. It maintains a large account deficit, which peaked at nearly 60% in 2008.
2010 exports of $207 included rubber, timber, iron, diamonds, cocoa and coffee , and went mostly to South Africa (more than a quarter), the USA, Spain, Denmark, Venezuela and Malaysia. Imports valued at of $726.7m and consisting largely of fuel, chemicals, machinery, food and other commodities came mostly from South Korea (37.2%), China, Singapore and Japan.
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