What's next for commodity markets?
Commodity dependence remains a major challenge for sustainable development and the achievement of the Sustainable Development Goals (SDGs). Commodity dependence is associated with numerous challenges and negative socio-economic outcomes ranging from lower human and social development, slow productivity growth, income volatility, macroeconomic instability, Dutch disease, and political instability.
At the same time, the number of commodity-dependent developing countries (CDDCs) increased from 81 in 2008-2009 to 87 in 2018-19.1 With a share of 83 per cent, commodity dependence is particularly prevalent among Least Developed Countries (LDCs). It is therefore crucial for CDDCs to identify pathways away from commodity dependence and towards a more diversified production and export structure.
The United Nations General Assembly (UNGA), in its resolution 76/194, invited the President of the General Assembly to hold a one-day informal interactive dialogue of the Assembly during the first half of 2022, “to review world commodity trends and prospects, and possible strategies for economic and export diversification, as well as value addition for sustainable development, particularly in commodity-dependent developing countries, with the aim of sharing experiences and lessons learned”.
Objectives
The event will take the form of an informal interactive dialogue on 31 March 2022, and will consist of an opening segment, followed by presentations on COVID-19 and trends in commodity markets, two interactive panels and a closing segment.
The panelists will include renowned experts, high-level government officials and representatives from the private sector, non-governmental organizations and international financial institutions, among others. In addition to Member States and Observers of the General Assembly, the meeting will be open to the United Nations system and relevant stakeholders.
This one-day event will:
- Review recent trends and prospects in global commodities markets in the context of the COVID-19 pandemic and the recovery process,
- Discuss strategies for economic structural transformation and economic and export diversification, with a specific focus on energy access as an enabler,
- Discuss the role of technology in economic and export diversification.
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