Eric LeCompte was featured in an article by The Star about pandemic-related losses in developing countries. Read an excerpt below and the full article here.
Poor countries to lose $12 trillion to corona by 2025 - UNCTAD
By Victor Amadala
Developing countries will lose $12 trillion through 2025 because they lack vaccines and the resources that wealthy countries use to stimulate their economies.
An analysis by the United Nations Conference on Trade and Development (UNCTAD) shows poor countries will lose a decade of development and face slow economic recovery.
“The economic and health crisis is getting worse in most countries,” said Eric LeCompte, a UN finance expert and head of the religious development group Jubilee USA Network.
According to him, developing countries need vaccines and more resources to confront the pandemic. He added that without more aid, there is little chance that poor countries can meet development goals.
“Debt relief must move more quickly and must include all developing countries mired in this crisis,” noted LeCompte.
He added that developing countries that are categorized as middle-income countries, face the worst extreme poverty increases and job losses because of the pandemic.
''Unfortunately, these countries are currently left out of processes to cut their debts,'' LeCompte said.
Read more here.