Distinguished Members of the Committee for Development Policy,
Mr. President, His Excellency Ambassador Bob Rae,
Mr. Chair, Professor Jose Antonio Ocampo,
Dear Colleagues,
I am delighted to welcome the CDP members as you begin your triennial term.
I thank Ambassador Rae, President of the Economic and Social Council, for sharing ECOSOC¡¯s perspectives on the CDP¡¯s work.
Back in 1966, when the Committee for Development Planning -- the precursor to today¡¯s CDP --- held its first meeting, we were midway through the first UN Development Decade.
The Decade¡¯s objective was ¡°to attain in each under-developed country, a substantial increase in the rate of growth,¡± of at least 5 per cent at the end of the Decade.
Our understanding of improving people¡¯s lives has evolved significantly since then.
Economic growth, while necessary, is no longer considered sufficient, or an end in itself.
I, therefore, recognize the multi-disciplinary nature of this Committee.
The complex and multi-dimensional challenges we face now, and for the foreseeable future, require collaborative solutions across various expertise areas.
Since its inception, and after these past decades, the Committee remains uniquely positioned to advise and influence the ECOSOC¡¯s and the United Nations¡¯ approaches to sustainable development challenges.
Distinguished delegates,
New development contexts demand new pathways and reinvigorated multilateralism.
This year, my Department, UN DESA, leads support for three major international conferences: the Fourth International Conference on Financing for Development, the Third UN Oceans Conference, and the Second World Summit for Social Development.
We rely on your thought leadership to generate new ideas for strengthening international cooperation and advancing shared objectives at these fora.
Your contributions are urgently needed. Recent assessments show developing economies struggle to return to pre-pandemic growth rates.
From 2023 to 2026, their average annual growth rate is projected to be about 4.2 percent, while in the decade before the pandemic it was around 5.2 percent.
Developed economies, however, project an annual rate of about 1.7 percent, much closer to their pre-pandemic rate of 2.0 percent.
This divergence indicates deep-seated structural imbalances.
The least developed countries face particularly precarious conditions.
Their GDP per capita grew at just 2.8 per cent annually over the pre-pandemic decade, compared to 4.5 per cent in South Asia and 6.2 per cent in East Asia.
While tourism recovery offers some support, continuing conflicts, geopolitical tensions, increasing trade barriers and high interest rates may deter needed investments for economic expansion.
Rising external public debt and debt service costs reduce fiscal space, placing many LDCs at significant risk of debt distress.
At the same time, several LDCs are progressing towards graduation from the LDC category. This is a remarkable accomplishment.
Ensuring continued development post-graduation, however, requires sustained international support.
I encourage you to explore ambitious yet practical ways for the UN system and partners to support these countries, as well as those not yet in the graduation process.
Considering the Doha Programme of Action on LDCs, I am pleased that you will review the LDC graduation procedures and develop improvement recommendations.
My Department looks forward to working with you. I assure you of our full support.
I wish you successful deliberations and look forward to the positive outcomes.
Thank you.