UNCTAD urges to promote export diversification in Africa

Geneva, Aug 19 (Prensa Latina) The UN Conference on Trade and Development (UNCTAD) on Friday called on nations to rethink about fundamentals of export diversification in Africa, and about supporting changes such a sector really requires.

August 19, 2022
17:48

According to a UNCTAD report, soaring food and energy prices are having a “particular impact” on regional countries´ economy.

While these prices surge, commodities now account for over 60% of total merchandise exports in 45 out of the 54 regional economies, making them much more vulnerable and undermining their “prospects for a more inclusive growth.

This situation points to the need to diversify exports in a global context marked by the Covid-19 pandemic, climate change and armed conflicts globally.

In this regard, UNCTAD recommends promoting an inclusive access to financial technologies, including for small- and medium-sized enterprises, in order to guarantee an effective impact on the region’s economic development.

Plus, UNCTAD called for boosting ICTs, business services and digital financial services, aspects that will require support of the international community.

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