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The two entities have strengthened their existing collaboration to promote digitalization, facilitate trade and improve customs control worldwide.

Almost 60% of Africa's low-income countries are already in debt distress or at high risk of it and millions of Africans are falling back into poverty amid acute risks of food insecurity.

Regional growth is projected to pick up in 2023 but downside risks from China's greater-than-expected slowdown, the weakness of the global economy and policy shifts in advanced economies pose concern.

Many economies of the region are facing growing pressure on their external debt positions and the rising cost of living is a growing challenge to policymakers.

Commodity importers are hit hardest while fossil fuel exporters register temporary windfall gains.

Projecting global growth slowing to 2.2% in 2023, UNCTAD outlines actions to avert crisis and support developing countries exposed to cascading crises of debt, health and climate due to inadequate financial support.

Attracting international private investment is crucial to closing financing gaps to better respond to countries’ specific needs in climate adaptation and mitigation.

By Paul Akiwumi, Director for Africa and Least Developed Countries, UNCTAD

Competition and consumer policies can help build more sustainable economies, experts say.

A multi-agency programme strengthens the capacity of investment promotion agencies to increase sustainable investment in least developed countries.