UN reports: Developing countries needs to adjust economic policies
A UN report has recommended that least developed countries (LDCs) rethink their economic policies to overcome the effects of the global economic recession and attain long-term development.
The Least Developed Countries Report 2009 published by the UN Conference on Trade and Development recommends that states should play a greater role under a new development approach.
“While state intervention is no guarantee of success, improvements in LDCs’ economic performance are unlikely to occur without higher levels of government-directed investment,” reads the report.
Released to journalists by the United Nations Development Programme at the Kampala Serena Hotel on Thursday, the report says the recession has exposed the structural deficiencies of the world’s poor nations, which include Uganda.
It has also demonstrated the countries’ inability to achieve long-term growth and poverty reduction, it adds.
As a measure, the governments of poor countries should promote diversified economic activities, the report recommends.
Such activities may include the states’ participation in investment and industrial policies aimed at expanding the domestic industries and supporting regional integration to boost markets.
Others are investment in agriculture, supporting farmer cooperatives, promoting research and development, and improving technology.
- By Raymond Baguma | New Vision
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