{"id":95231,"date":"2024-02-11T15:45:55","date_gmt":"2024-02-11T13:45:55","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=95231"},"modified":"2024-02-11T19:03:10","modified_gmt":"2024-02-11T17:03:10","slug":"unctad-official-middle-income-countries-home-to-62-of-worlds-poor","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/unctad-official-middle-income-countries-home-to-62-of-worlds-poor\/","title":{"rendered":"UNCTAD official: Middle-income countries home to 62% of world\u2019s poor"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><\/h4>\n\n\n\n<ul>\n<li>Energy transition cannot happen without broad access to green technologies<\/li>\n<\/ul>\n\n\n\n<p dir=\"ltr\"><a href=\"https:\/\/www.csregypt.com\/en\/unctad-official-trade-part-of-solution-to-both-climate-change-sdgs\/\">UNCTAD <\/a>Deputy Secretary-General<a href=\"https:\/\/unctad.org\/about\/office-of-the-secretary-general\/deputy-secretary-general#:~:text=Pedro%20Manuel%20Moreno%20of%20Spain,General%20on%204%20November%202022.\"> Pedro Manuel Moreno<\/a> said middle-income countries \u2013 which are home to 62% of the world\u2019s poor \u2013 are facing mounting debt and worsening climate vulnerabilities.<\/p>\n\n\n\n<p dir=\"ltr\">During a speech at a high-level conference in Rabat, Moreno said these nations lack the global support they need, despite being home to about 75% of the global population.<\/p>\n\n\n\n<p dir=\"ltr\">\u201cIf we are committed to a world of shared prosperity, these countries need our support,\u201d Moreno said.<\/p>\n\n\n\n<p dir=\"ltr\">The UNCTAD deputy chief said few middle-income countries have managed to catch up with advanced economies over the decades. Some have even seen their per capita income decline.<\/p>\n\n\n\n<p dir=\"ltr\">This \u201cdaunting journey\u201d to catch-up is hindered by the complexities of structural changes and growth, especially as the initial benefits of moving labor from agriculture to manufacturing wane.<\/p>\n\n\n\n<p dir=\"ltr\">As these economies expand, the availability of underemployed rural labor decreases. To continue moving up the ladder and avoid the so-called \u201cmiddle-income trap\u201d, they need to build the capacities to develop new products.<\/p>\n\n\n\n<p dir=\"ltr\">&nbsp;Moreno highlighted the essential role of industrial policies in helping some nations avoid the trap, pointing to East Asian success stories like the Republic of Korea.<\/p>\n\n\n\n<p dir=\"ltr\">These countries leveraged their existing industrial skills to develop and expand new production and export sectors, moving into more complex and high-value areas like steel and electronics.<\/p>\n\n\n\n<p dir=\"ltr\">\u201cAt the heart of these success stories were targeted industrial policies,\u201d Moreno said. \u201cWhile such policies became out of fashion a few years ago, there is renewed interest in them, and for good reasons.\u201d<\/p>\n\n\n\n<p dir=\"ltr\">The UNCTAD deputy chief said, however, that such strategies require fiscal space, which is currently constrained in middle-income countries by growing debt burdens and limited access to finance.<\/p>\n\n\n\n<p dir=\"ltr\">Today, 3.3 billion people live in countries that spend more on debt than on either health or education. And most of them live in middle-income countries, which are ineligible for debt relief through the G20\u2019s Common Framework.<\/p>\n\n\n\n<p dir=\"ltr\">Moreno reiterated UNCTAD\u2019s call for an effective debt-relief mechanism that supports payment suspensions, longer lending terms and lower rates. He also advocated for urgent action to provide affordable, long-term finance for investment in these countries, saying re-capitalizing multilateral development banks offers a good avenue.<\/p>\n\n\n\n<p dir=\"ltr\">UNCTAD, he said, fully supports the UN Secretary-General\u2019s call for a Sustainable Development Goals stimulus of at least $500 billion annually.<\/p>\n\n\n\n<p dir=\"ltr\">Moreno emphasized the key role industrial policies can also play in capitalizing on these countries\u2019 \u201cgreen\u201d potential.<\/p>\n\n\n\n<p dir=\"ltr\">\u201cThere is immense potential of renewable energies and the energy transition in middle income countries,\u201d he said, pointing to Morocco as an example.<\/p>\n\n\n\n<p dir=\"ltr\">The country now hosts one of the largest wind farms in Africa and has the potential to become a key exporter of solar energy.<\/p>\n\n\n\n<p dir=\"ltr\">But realizing this potential requires quick access to clean technologies.<\/p>\n\n\n\n<p dir=\"ltr\">\u201cThe energy transition cannot happen without broad access to green technologies,\u201d he said. \u201cAnd it is our joint interest that this happens fast and everywhere.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UNCTAD Deputy Secretary-General Pedro Manuel Moreno said middle-income countries \u2013 which are home to 62% of the world\u2019s poor \u2013 are facing mounting debt and worsening climate vulnerabilities. During a speech at a high-level conference in Rabat, Moreno said these nations lack the global support they need, despite being home to about 75% of the [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":95232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13331,984],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UNCTAD official: Middle-income countries home to 62% of world\u2019s poor - Csr Egypt<\/title>\n<meta name=\"description\" content=\"UNCTAD official said middle-income countries \u2013 which are home to 62% of the world\u2019s poor \u2013 are facing worsening climate vulnerabilities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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