The world’s poorest countries are trapped in an economic vicious circle, which pins them in poverty and must be reversed if new development goals are to be met, according to a newly released report from United Nations Conference on Trade and Development (UNCTAD).
The Least Developed Countries Report 2014 argues that those nations, known as “LDCs” are the battleground on which the UN-led post-2015 development agenda will be won or lost.
The report – subtitled Growth with Structural Transformation: A Post-2015 Development Agenda calls on the international community to learn from the failure of most of the poorest countries in meeting the Millennium Development Goals (MDGs) despite registering strong economic growth – a phenomenon the Report dubs the “LDC paradox”.
This paradox arises from the failure of LDC economies to achieve structural changes despite having grown vigorously as a result of strong export prices and rising aid flows.
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Source & Copyright: United Nations