Making Globalisation work for the Least Developed Countries

But this convergence remains elusive for many developing countries and most LDCs. Mounting evidence suggests instead that they are diverging from the group of developed countries.

Across and within many countries, income inequality is increasing at the same time as global income is expanding. And this inequality is translating into staggering wealth inequality: the richest 2% of people in the world now own more than half of global household wealth, while the bottom half of the world’s adult population owns barely 1% of global wealth.

The LDC’s share of world merchandise exports fell from nearly 3% in 1950 to below 1% in 2004, while a person in a developed country is 22 times more likely to have internet access than someone in an LDC. Least developed countries and the majority of their populations remain poor while many other parts of the world are growing richer, and most LDCs appear to be stuck in a ‘globalization and exclusion trap’.

This is the story elaborated in the book. The publication looks in-depth at what prevents the LDCs from taking advantage of globalization, and makes recommendations for what the least developed countries themselves and the international community can do about it.

It is hoped that this publication will draw attention to issues and challenges facing LDCs and will provide policy makers, practitioners and academics in LDCs with important and concrete policy guidance on the way forward.

Source : UNDP