The 2024 Human Development Index (HDI) report by the United Nations Development Program (UNDP) has revealed that rich countries are experiencing record high levels of human development while half of the World’s poorest countries remain below their pre-crisis level of progress.
The UNDP has termed this situation as a ‘dangerous gridlock’ that must be urgently tackled through collective action by all nations.
According to a release published by the UNDP dated 13 March 2024, 40% of Global trade in goods is concentrated in three of fewer countries; and that in 2021 the market capitalization of each of the three largest tech companies in the world surpassed the Gross Domestic Product (GDP) of more than 90% of countries that year.
Head of UN Development Program Achim Steiner stated that “the widening human development gap revealed by the 2024 HDI Report shows that the two-decade trend of steadily reducing inequalities between wealthy and poor nations is now in reverse. Despite our deeply interconnected global societies, we are falling short. We must leverage our interdependence as well as our capacities to address our shared and existential challenges and ensure people’s aspiration are met” he stated.
The report furthered that deglobalization is neither feasible nor realistic in today’s world and that economic interdependence remains high which shows that no region is close to self-sufficiency, as all rely on imports from other regions of 25% of at least one major type of goods and services.
Also, this year’s report stresses on the need for more efforts to be put on climate change issues citing that polarization is becoming a growing concern and that the global corporation needs to address urgent issues like the decarbonization of economies, with immediate action to tackle climate crisis.
The report stressed on the need for nations to be economically independent as economic dependence is high. “deglobalization is neither feasible nor realistic in today’s world and that economic interdependence remains high”
In a bid to surmount these challenges, the report has emphasized the need for global interdependence and has put forward four areas for immediate action:
- Planetary public goods, for climate stability, as we confront the unprecedented challenges of the Anthropocene
- Digital public goods, for greater equity in harnessing new technologies for equitable human development
- New and expanded financial mechanism, including a novel track in international cooperation that complements humanitarian assistance and traditional development aid to low-income countries
- Dialing down political polarization through new governance approaches focused on enhancing people’s voices in deliberation and tackling misinformation.
Comments