A new United Nations report urges the poorest countries in the world to shift from low- to high-productivity activities to improve their economies.
In its annual Least Developed Countries Report, UNCTAD — the U.N. Conference on Trade and Development — says these countries must structurally transform their economies to free themselves from the “poverty trap,” which is stunting economic growth and development.
Of the 48 nations the U.N. considers “Least Developed Countries” (LDCs), only one, Laos, is on track to achieve all seven of the Millennium Development Goals (MDG’s) by 2015.
Only four African countries — Ethiopia, Malawi, Rwanda and Uganda — are likely to meet a majority of these targets.
This assessment is particularly grim in light of the even greater challenges awaiting these countries in the coming years. The MDGs set a goal for nations to halve their poverty levels by 2015. The so-called Sustainable Development Goals, which carry on from where the MDGs leave off, call for eradication of poverty by 2030.According to Taffere Tesfachew, an UNCTAD official who works with African nations, it would be nothing short of a […]