Majority in most resource-rich countries set to remain poor – dpa international

DUBLIN — Despite often living in some of the world’s most resource-rich lands, people in many developing countries face continued poverty due to reliance on commodity exports, according to the UN. In a report published on Wednesday, the United Nations Conference on Trade and Development (UNCTAD) said many of the world’s poorer nations depend too much on exporting natural resources and are seemingly “locked into this undesirable state.” A “commodity-dependent” economy gets 60 per cent of merchandise export revenues from sales of goods such as coffee, gas, metals and oil, according to UNCTAD – trade which is “strongly associated with low levels of technology” and “low levels of labour productivity, low productivity growth.” In 2019, two-thirds of developing countries were commodity-dependent, compared to 13 per cent of wealthy or developed economies.