The United Nations Conference on Trade and Development (UNCTAD) stated in its annual report that the planet’s poorest countries are falling further behind in comparison to the rest of the world and would require more aid and favourable trade deals.
The report further held that only four countries have graduated from the United Nation’s list of least developed countries (LDC), which was developed almost 45 years ago.
The 4 nations are Botswana, Maldives, Cape Verde and Samoa.
Economic development in remaining 48 countries is extremely slow.
Close to half the total poor globally reside in these poor nations.
Poor nations are defined as those where people live on less than USD 1.90 per day.
Poverty is the main factor hampering the growth of these countries.
Only three countries so far look to be on the path of lifting themselves up from the LDC list, two of which are Angola and Equatorial Guinea that have witnessed a rise in their Gross national income due to oil wealth.
The third country is Vanuatu, an island nation lying on the south of Pacific Ocean.
Current list of LDC includes 24 African countries, 9 Asian countries, 4 from the Pacific region and Haiti.UNCTAD
- Abbreviation: UNCTAD
- Formation: 1964
- Headquarters: Geneva, Switzerland
- Website: unctad.org
- Full Form: United Nations Conference on Trade and Development.
- Principal organ of the UNGA.
- Deals with trade, investment and development issues.