A new report says the world’s 47 least developed countries will be hardest hit, especially those reliant on tourism and commodity exports
Many African countries will see a significant drop in export earnings in the coming months due to decreasing demand in key markets as Covid-19 continues to wreak havoc globally.According to a new report by the World Trade Organisation , the decline in export earnings will hurt countries’ prospects of graduating from the least developed category.
There are currently 47 countries on the list of LDCs, many of which are in Africa. Such countries have exclusive access to certain international support measures, in particular in the areas of development assistance and trade, the UN says. The list is reviewed every three years by the UN’s Committee for Development.
LDCs dependent on tourism revenues have seen the sector come to a virtual standstill. The UN World Tourism Organisation estimates that international tourist arrivals could decline by 20% to 30% in 2020, translating to losses of up to $450bn in international tourism receipts . Zambia, which is among the top 10 exporting LDCs, relies heavily on the mining sector . Since the start of the pandemic, over a span of two months, the price of copper in Zambia fell by 9.6%, contributing to a sharp depreciation of the kwacha.“Among the Covid-19 pandemic’s far-reaching consequences for the global economy, the LDCs are likely to be the hardest hit, even in countries spared the worst effects of the virus itself,” the WTO said.
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