3rd local time, the United Nations Conference on Trade and Trade and Trade Organization released the Least Developed Countries Report 2020, which predicts that the economic performance of the least developed countries this year will be the worst in 30 years, mainly reflected in the decline in income levels, widespread unemployment and widening fiscal deficits.
The report points out that the COVID-19 pandemic has hit the least developed countries hard, will have a negative impact on progress in poverty reduction and education in the least developed countries, and re-entered 32 million people into extreme poverty, resulting in an increase in poverty rate from 32.5% to 35.7%.
Muhiza Kitui, Secretary-General of the United Nations Conference on Trade and Development, said that the productivity capacity of most LDCs is too slow to cope with challenges and shocks such as COVID-19. The least developed countries urgently need to develop productivity, achieve structural transformation, reduce the impact of external shocks and enhance resilience.
According to the UNCTAD Productivity Capacities Index, most LDCs have lower productivity, and the average productivity index level in 2011-2018 is 40% lower than that of other developing countries.
According to UNCTAD’s estimates, 1.06 billion people live in 47 least developed countries globally. Despite the large population of the least developed countries, they account for less than 1.3% of the global GDP. In 2019, the GDP per capita of the least developed countries was only 1,088 US dollars, compared with the world average of 11,371 US dollars.