The world’s poorest countries are facing a humanitarian crisis that demands global attention. Despite housing over 700 million people, these nations struggle with extreme poverty, conflict, and instability, while the rest of the world looks the other way.
Collectively, the gross domestic product (GDP) of these 28 low-income countries (LICs) is around $500 billion—a mere drop in the $100 trillion global economy. With average annual incomes barely reaching $1,000, these countries are far from attractive export markets. Yet, the dire circumstances of their populations cannot be ignored.
Key indicators of human development have plummeted. Maternal mortality rates are 25 percent higher now than in LICs two decades ago, and access to electricity has declined from 52 percent to just 40 percent. Life expectancy hovers at 62 years, among the lowest worldwide.
Government priorities in these nations often exacerbate the problem. On average, LICs spend 50 percent more on military and defense than on healthcare. Nearly half of their budgets are allocated to public-sector wages and debt interest payments, leaving a mere 3 percent for supporting the most vulnerable citizens—one-tenth the average for developing economies.
International aid, a critical lifeline, is dwindling. Even before the COVID-19 pandemic, foreign aid to the poorest countries was declining. Now, wealthier nations are redirecting aid budgets to address refugee influxes within their own borders. Consequently, LICs have resorted to accumulating debt at high interest rates, with government debt-to-GDP ratios soaring from 36 percent in 2011 to 67 percent last year.
As global leaders convene at the United Nations 2023 Sustainable Development Goals Summit, there is an urgent call to action. The international community must honor the promise to “reach the furthest behind first.” Enhanced support and renewed commitment are essential to alleviate the unfolding tragedy in the world’s poorest nations.
Reference(s):
cgtn.com
