Poor countries need to diversify economies

Least developed countries, known as LDCs need to diversify their economies to combat poverty, according to United Nations Secretary-General Ban Ki-moon.

Secretary-General Ban Ki-moon

Speaking in the General Assembly he said that least developed countries have increased in number from 25 in 1971 to 48 today.

He pointed out while food prices continue to increase, three quarters of their populations live on less than $2 a day and more than half on less than a dollar.

“Many LDC economies are heavily based on subsistence agriculture and extractive mining. Few have managed to diversity or add value to their products before exports. This makes them extremely vulnerable to swings in commodity prices and other upheavals.”

The Secretary-General also stressed the need for investments in agriculture focusing in small holder farmers and the infrastructure they need.

 Duration: 19″

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