UN report: Many countries are bouncing back from COVID pandemic but the poorest are not

Many countries are bouncing back from the COVID-19 pandemic, but the poorest are not and a significant number are seeing conditions deteriorating, a report from the UN Development Program said Wednesday.

Many countries are bouncing back from the COVID-19 pandemic, but the poorest are not and a significant number are seeing conditions deteriorating, a report from the UN Development Program said Wednesday.

Achim Steiner, head of the agency, said that after two decades during which rich and poor countries were coming closer in terms of development, the finding is "a very strong warning signal" that nations are now drifting apart.

The Human Development Index that the agency has produced since 1990 is projected to reach record highs in 2023 after steep declines during the pandemic years of 2020 and 2021.

But development in half of the world's poorest countries remains below 2019 pre-pandemic levels, the report said.

"It's a rich person's versus a poor person's world in which we are seeing development unfolding in very unequal, partially incomplete ways," Steiner said at a news conference. "Why does this matter? Not only because it creates more vulnerability, it creates also more misery and protracted poverty, growing inequality."

The growing inequalities are compounded by the concentration of economic wealth, the report said.

It pointed to almost 40 per cent of global trade in goods concentrated in three or fewer countries.And it said the stock market value of the three largest tech companies in 2021 -- Amazon, Apple and Microsoft -- surpassed the gross domestic product of more than 90 per cent of the 193 UN member nations that year.