The Liberian economy relied heavily on the mining of iron ore and on the
export of natural rubber prior to the civil war. Liberia was a major
exporter of iron ore on the world market. In the 1970s and 1980s, iron
mining accounted for more than half of Liberia's export earnings.
Following the coup d'etat of 1980, the country's economic growth rate
slowed down because of a decline in the demand for iron ore on the world
market and political upheavals in Liberia.
The 1989-2003 civil war had a devastating effect on the country's economy. Most major businesses were destroyed or heavily damaged, and most foreign investors and businesses left the country. Iron ore production stopped completely, and the United Nations banned timber and diamond exports from Liberia. UN sanctions on Liberian timber were removed in 2006; activity in the timber sector was expected to resume on a large scale during the October 2008-May 2009 dry season. Diamond sanctions were terminated by the UN Security Council in April 2007, and Liberian diamond exports have resumed through the Kimberley Process Certification Scheme Gold deposits, some of which are currently nearing production, should soon begin to contribute to government revenues and provide additional employment.
Currently, Liberia's revenues come primarily from rubber exports and revenues from its maritime registry program. Liberia has the second-largest maritime registry in the world; there were over 3,000 vessels totaling nearly 100 million gross tons registered under its flag, earning some $18 million in maritime revenue in Liberia.
http://www.state.gov/r/pa/ei/bgn/6618.htm
The 1989-2003 civil war had a devastating effect on the country's economy. Most major businesses were destroyed or heavily damaged, and most foreign investors and businesses left the country. Iron ore production stopped completely, and the United Nations banned timber and diamond exports from Liberia. UN sanctions on Liberian timber were removed in 2006; activity in the timber sector was expected to resume on a large scale during the October 2008-May 2009 dry season. Diamond sanctions were terminated by the UN Security Council in April 2007, and Liberian diamond exports have resumed through the Kimberley Process Certification Scheme Gold deposits, some of which are currently nearing production, should soon begin to contribute to government revenues and provide additional employment.
Currently, Liberia's revenues come primarily from rubber exports and revenues from its maritime registry program. Liberia has the second-largest maritime registry in the world; there were over 3,000 vessels totaling nearly 100 million gross tons registered under its flag, earning some $18 million in maritime revenue in Liberia.
http://www.state.gov/r/pa/ei/bgn/6618.htm
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