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.

Poorer nations face bigger food bills as prices surge – dpa international

DUBLIN — Less well-off countries are facing bigger food bills, according to the United Nations, which on Thursday said the world’s food imports are set to increase by 12 per cent this year to 1.72 trillion dollars, equivalent to Russia’s gross domestic product. In its biannual report on global food markets, the UN’s Food and Agriculture Organization (FAO) estimated consumer prices for proteins and calories to have increased by between 20 and 34 per cent compared to a year ago, risking “deteriorating quantitative and qualitative dietary trends in vulnerable countries” where food can account for up to half of household spending. The FAO last week estimated an overall annual jump in food costs of around 40 per cent, due to “a surge in prices for oils, sugar and cereals.”