President Ellen Johnson Sirleaf Monday reported in her annual address that despite global economic disruptions, the domestic economy continued its strong six-year growth, providing more jobs and incomes for Liberians.

“We expect the final GDP growth for 2011 to be at least 7 percent, helped in no small part by the restart of iron-ore exportation,” she indicated, though hinting a higher level, about 9 percent, could be expected in 2012.

The President stressed this as being “no small achievement” in the midst of a looming global recession.

She informed Liberians that over the last six years, the economy has doubled and has been recognized as one of the fastest growing economies of the world.

Meantime, she said inflation, which averaged around 7.5 percent for 2011, has been decreasing and “is expected to reduce to 4 percent in 2012 based on an expected fall in commodity prices”.

President Sirleaf stressed, “A growing economy and declining inflation mean that our people have more money to spend and that the value of this money is retained.”

Predicting the not too distant future, the President said operations from iron-ore mining, logging, smallholder farmers, and small and medium enterprises (SMEs) are expected to reinforce growth in the coming year, and to sustain higher rates of growth over the medium term.

She said as the national budgets continue to grow, total projected revenue for fiscal 2011/2012 stood at US$516 million – 32% above the revenue generated in fiscal 2010-2011 of US$389 million and over US$127 million more than for 2010.

In six short years, our national budget has quadrupled, the President affirmed, saying that Liberia’s partners are also more confident in our use of this money.”

“As a consequence,” she said, “direct budget support grew to almost $40.3 million in 2011 from $1 million in 2006, with the European Union (EU) as the main contributor”.

To show our commitment to longer-term economic planning, President Sirleaf announced that government is this year moving to a three-year budget cycle that will put it in a better position to complete long-term infrastructure projects like roads and hospitals, because we will be able set aside money for them over a three-year budget.

The multiyear budget preparation process of fiscal years 2012/13 to 2014/15 has commenced with the Budget Formulation Calendar being finalized and initial resource envelope developed, she reported to the Legislature.