UNCTAD Report says COVID-19 crisis could pull 32 million people back into absolute poverty

According to UNCTAD’s Least Developed Countries Report 2020, rxtreme poverty in Least Developing Countries (LDCS). is projected to expand by 32 million in 2020, to reach 377 million people. The poverty rate will rise from 32.5% to 35.7% in 2020, due to the COVID-19-induced economic crisis.  

The UNCTAD report states that GDP per capita of least developed countries (LDCs) is projected to contract by 2.6% in 2020 from already low levels, as these countries are forecast to experience their worst economic performance in 30 years. At least 43 out of the 47 LDCs will likely experience a fall in their average income. 

“The COVID crisis is leading LDCs to their worst economic crisis in 30 years, with per capita GDP for the group expected to fall by 2.6 per cent this year ,” said Mukhisa Kituyi, UNCTAD Secretary-General, during a virtual press conference. 

Photo Credit : https://commons.wikimedia.org/wiki/File:UNCTAD_Logo.jpg