Aid for Trade at a Glance 2019: Economic Diversification and Empowerment says that 47 developing countries (mostly in Africa), out of the 88 surveyed, report progress in diversifying their economies since the OECD-WTO Aid for Trade Initiative was launched in 2006, a picture backed up by trade statistics, writes the OECD.
Most progress has been seen in agricultural sectors followed by services and industry. Countries still struggling to use international commerce to diversify their economies are the least-developed countries or those that are small islands, landlocked, resource-dependent or ravaged by conflict.“Aid for Trade is working.
It is having a real impact where it is most needed,” said OECD Secretary-General Angel Gurría, launching the report at the WTO’s 2019 Global Review of Aid for Trade in Geneva. “That said, the path towards economic diversification is complicated by subdued trade growth and a decline in FDI.
Rising trade tensions and protectionism are hurting growth prospects and any shift away from rules-based trade hits the most vulnerable countries and people hardest.”In the past 30 years, five countries have shed their least-developed country status. Two more – Vanuatu and Angola – are on track to do so in 2020-21 and 10 others are moving in the right direction at a good pace.
Another 35 least-developed countries show little progress..
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