Global financial crisis threatens progress of least developed countries – UN report
The ongoing financial crisis and weak global economic growth have hampered development in the world’s poorest nations, a U.N. report has warned, adding that half of the world’s least developed countries now risked missing their development goals. The Enabling the Graduation of LDCs report, produced by the UN Conference on Trade and Development (UNCTAD), points to case studies on Zambia, Benin and Cambodia, which demonstrate that the continuing global economic upheaval had severely weakened and, in some cases, reversed economic gains in the world’s 48 Least Developed Countries, or LDCs…
“The recent economic and financial crisis has severely weakened the abilities of many LDCs to maintain steady income and spending,” said Mr. Tesfachew, adding that the study’s findings in Cambodia – where an estimated 63,000 jobs were lost between June 2007 and June 2008 – also indicated a downward global trend among the LDC category…
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