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UNCTAD/PRESS/MA/2022/007
African Countries Should Rethink Export Diversification to Survive Economic Shocks: UNCTAD Report

Geneva, Switzerland, 8 July 2022
EMBARGO

The contents of this Report and the related press kit must not be quoted or summarized in the print, broadcast or electronic media before

14 July 2022 10:00 am GMT (6 am New York, 12 noon Geneva)

 

African countries must diversify their exports to survive economic shocks from global crises such as the COVID-19 pandemic and the war in Ukraine, says a new UNCTAD report to be published on 14 July.

UNCTAD says African countries can diversify their economies through boosting exports of high-value services, expanding private businesses’ access to financial services, tapping into new financial technologies and implementing effective policies.

Despite decades-long efforts to diversify, 45 out of the continent’s 54 countries remain dependent on exports of primary products in the agricultural, mining and extractive industries.

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About UNCTAD

UNCTAD is the UN’s leading institution dealing with trade and development. It is a permanent intergovernmental body established by the United Nations General Assembly in 1964.

UNCTAD is part of the UN Secretariat and has a membership of 195 countries, one of the largest in the UN system. UNCTAD supports developing countries to access the benefits of a globalized economy more fairly and effectively.

We provide economic and trade analysis, facilitate consensus-building and offer technical assistance to help developing countries use trade, investment, finance and technology for inclusive and sustainable development.

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