UN: Resource-rich countries face commodity dependence trap
Countries heavily reliant on commodities export must use revenues to boost productivity and technology to escape the “resource curse,” the UN said. A majority of the world’s developing nations are commodity-dependent.
Developing countries dependent on commodity exports face economic challenges that keep their population poor and vulnerable, according to a United Nations report published Wednesday.
In 2019, two-thirds of the world’s poorer countries were trapped in commodity dependence, meaning more than 60% of their export revenue came from the sale of primary goods, according to the UN Conference of Trade and Development (UNCTAD) report.