page_title: Liberia
section_title: Economy
hierarchical_section_title: Liberia / Economy
caption_attribution_description: English: Liberia Export Treemap from MIT Harvard Economic Complexity Observatory
context_page_description: Liberia, officially the Republic of Liberia, is a country on the West African coast. It is bordered by Sierra Leone to its northwest, Guinea to its north, Côte d’Ivoire to its east, and the Atlantic Ocean to its south-southwest. It has a population of around 5 million and covers an area of 111,369 square kilometers. English is the official language, but over 20 indigenous languages are spoken, representing the numerous ethnic groups who make up more than 95% of the population. The country's capital and largest city is Monrovia.
  Liberia began as a settlement of the American Colonization Society, who believed black people would face better chances for freedom and prosperity in Africa than in the United States. The country declared its independence on July 26, 1847. The U.S. did not recognize Liberia's independence until February 5, 1862, during the American Civil War. Between January 7, 1822, and the American Civil War, more than 15,000 freed and free-born black people who faced legislated limits in the U.S., and 3,198 Afro-Caribbeans, were relocated to the settlement. The settlers carried their culture and tradition with them.
context_section_description: The Central Bank of Liberia is responsible for printing and maintaining the Liberian dollar, Liberia's primary currency. Liberia is one of the world's poorest countries, with a formal employment rate of 15%. GDP per capita peaked in 1980 at US$496, when it was comparable to Egypt's (at the time). In 2011 the country's nominal GDP was US$1.154 billion, while nominal GDP per capita stood at US$297, the third-lowest in the world. Historically the Liberian economy has depended heavily on foreign aid, foreign direct investment and exports of natural resources such as iron ore, rubber, and timber.
caption: A proportional representation of Liberian exports. The shipping related categories reflect Liberia's status as an international flag of convenience – there are 3,500 vessels registered under Liberia's flag accounting for 11% of ships worldwide.[88][89]
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