Trade barriers, debt distress, and deep inequality.
The United Nations Secretary-General, Mr. Guterres outlined the “ daunting challenges ” LLDCs continue to face – steep barriers to trade, high transport costs, and limited access to global markets. He warned that the debt burden of these countries has reached “ dangerous and unsustainable levels. ” Although LLDCs account for seven per cent of the world’s population, they represent just over one percent of global economic output and trade. “ This is a stark example of deep inequalities that perpetuate marginalization, ” said the Secretary-General, attributing this to “ an unfair global economic and financial architecture that does not reflect the realities of today’s interconnected world” , as well as to the legacy of colonialism.