UN hails developing countries' contribution

Added On November 30, 2018

UN Secretary-General Antonio Guterres has praised the developing countries' contribution to the global growth.
World News reports.
Guterres made the remarks at the opening of Global South-South Development Expo 2018 on Wednesday, saying the Southern countries have contributed to over half of all global growth in recent years.
The UN chief added intra-South trade accounts for over one quarter of all world trade, and foreign direct investment outflows from the South represent one third of global FDI flows.
Remittances from migrant workers to low- and middle-income countries reached 466 billion U.S. dollars last year, helping to lift millions of families out of poverty.
"Innovative forms of Southern-led knowledge sharing, technology transfer, emergency response and livelihood recovery are transforming lives. New financial institutions have helped generate infrastructure and sustainable development projects around the world."
But the secretary-general also noted development gains have been uneven and incomplete, citing over 700 million people still unable to meet basic needs.
Organized by the UN Office for South-South Cooperation in collaboration with UN agencies and other partners, the annual expo runs till Friday at UN Headquarters.