Commodities and Development Report 2023

Commodities and Development Report 2023

The United Nations Conference on Trade and Development (UNCTAD) released a new report on economic development.

The purpose of the new UNCTAD publication is to analyze the risks of the economy’s dependence on raw materials for long-term growth, and to consider possible solutions for economic diversification in the context of the global energy transition. When more than 60% of a country’s income is generated by the export of one commodity, experts talk about the dependence of the national economy on raw materials. Although commodity dependence is a global problem, it affects developing countries the most.

According to the UN Human Development Index, a total of 29 of the 32 countries classified as low human development countries were dependent on commodity exports in 2021. UNCTAD recommends that developing countries increase their renewable energy production capacity. In addition to diversifying exports and creating more jobs, green energy will help solve the problem of energy inequality. However, a poorly managed energy transition can exacerbate socio-economic stratification. The state’s task is to ensure balanced development and support for the most vulnerable segments of the population. The main tools include the launch of professional development programs and targeted support for the population.

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