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 revealed 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 four nations are Botswana, Maldives, Cape Verde and Samoa.
Economic development in the remaining 48 countries has been very slow. Almost half of the total poor globally reside in these impoverished nations. The poor have been defined as people living on less than USD 1.90 per day.
According to UNCTAD, poverty is the main factor that is hampering the growth of these countries and because they aren’t able to develop themselves, they are unable to eliminate poverty. So, in order for them to break this vicious circle, they would require international support in sectors such finance, trade, and technology.
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.
Overall, the current list of LDC includes 24 African countries, 9 Asian countries, 4 from the Pacific region and Haiti.