Prior to COVID-19, several LDCs were displaying initial signs of structural transformation with the strengthening of manufacturing and higher-productivity services.
These trends were taking place not only in Asia (home to the majority of graduating LDCs), but also in several African LDCs.
A year and a half into the pandemic and ensuing shockwaves, crucial questions arise:
(i) How resilient has this incipient process been? and
(ii) Has COVID-19 triggered instances of creative destruction?
While it is too early to give definitive answers, certain industries were able to adapt, pivoting core business, diversifying sale channels or target markets, adopting innovative technologies.
Building on concrete examples from selected LDCs, the discussion will highlight key coping strategies, elaborate on related drivers, and draw lessons for a resilient recovery, ahead of UN-LDC 5.
The debate will also underscore the importance of productive capacities and innovation in shaping the scope for transformation and resilience building.
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Least developed countries Contact
Mr. Giovanni Valensisi
Economic Affairs Officer, LDC Section
Division for Africa, LDCs and Special Programmes, UNCTAD
[email protected]