Reversing the decline in LDCs' services exports post-pandemic (Salamat Ali and Brendan Vickers for EIF)

"Although the services sector has emerged as a new engine of economic growth, the lingering effects of the COVID-19 pandemic have severely affected services exports from the least developed countries (LDCs), with an approximate loss of almost USD 29 billion in foregone exports over the past three years. While global services exports have rebounded from the shock of the COVID-19 pandemic, the recovery in the LDCs is lagging, potentially with long-term consequences for achieving the ambitions of the Doha Programme of Action for the LDCs and several Sustainable Development Goals. Urgent actions by the LDCs and their trading and development partners to improve utilization of the WTO Services Waiver, incentivize foreign direct investment (FDI) and technology transfer, promote regional trade initiatives, leverage Aid for Trade, and address the digital divide can help reverse this trend, enabling the LDCs to benefit from a services-led transformation."