Tuesday, September 21, 2021

Without better productive capacities, poorest countries will remain margins of global economy

UNCTAD’s Least Developed Countries Report 2021 to be released next week is calling for increased investment in productive capacities and state capacity in least developed countries (LDCs), as the Covid-19 crisis and the emerging two-speed global recovery threaten to reverse many hard-won development gains in these countries.

"The development of productive capacities in LDCs is necessary for boosting their ability to respond to and recover from crises such as the pandemic, and to advance towards sustainable development," the report reads, adding that to achieve that, they need the decisive support of the international community to finance the immense investments required and to build technological capabilities.

The UN established the LDC category 50 years ago. The grouping of the world’s weakest economies has expanded from an initial 25 countries in 1971, peaking at 52 in 1991, and stands at 46 today, with only six countries having graduated – stopped being an LDC – to date.

No comments: