Business

Zambia fit for developing country status

NKOMBO KACHEMBA, GILCRIST MUSOLO, Lusaka
FOR the first time, Zambia is eligible to graduate from the category of a least developed country (LDC) after meeting two key indicators that show the country’s capacity to deal with structural challenges and vulnerabilities.
According to the 2021 United Nations Conference on Trade and Development (UNCTAD) report released yesterday, the country has met the criteria for graduating to the category of developing countries. Zambia was listed as a LDC on the United Nations (UN) classification index in 1991. The classification is reviewed by the Committee for Development every three years. Currently, there are 46 countries listed as LDCs on the classification index and their performances for 2021 have just been reviewed. The main difference between developing countries and LDCs is that the former have a better per capital income and gross domestic product as compared to the latter. On the classification index, countries are categorised as LDCs, developing countries and developed countries and they migrate in that order. LDCs are those with low income, confronted by severe structural impediments to sustainable development and are highly vulnerable to economic and environmental shocks with low levels of human assets. For a LDC to move to the next rank, it should show improvement in three indicators – gross national income (GNI), human asset index and CLICK TO READ MORE


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