Remarks by the President of the General Assembly,
Mr. Philemon Yang,
High Level Meeting of the General Assembly on Middle Income Countries,
1 April 2025,
General Assembly Hall, UNHQ
[As Delivered]
Excellencies
Ladies and gentlemen,
Good morning,
I warmly welcome all delegations to this meeting.
I am also pleased to acknowledge our keynote speakers:
Ms. Rebeca Grynspan, Secretary-General of United Nations Trade and Development,
and
Mr. Navid Hanif, Assistant Secretary-General for Economic Development, on behalf of Mr. Li Junhua, Under-Secretary-General for Economic and Social Affairs.
Excellencies,
Nelson Mandela once said, “After climbing a great hill, one only finds that there are many more hills to climb.”
This quote aptly captures the reality faced by many Middle-Income Countries.
More than a hundred such countries have successfully transitioned from low-income to middle-income countries.
They have effectively transitioned from low income to middle income status.
Yet, too often, this success becomes another challenge for those countries.
Many countries find themselves confronting difficult structural barriers. Structural barriers can be very difficult to deal with.
With a nominally high level of gross domestic product per capita, they become ineligible for grants and concessional financing.
That is problematic.
Further, development now comes at the risk of accumulating unsustainable levels of debt.
The architecture of debt is a complex issue.
Limited fiscal space constrains progress in technological innovation, economic transformation, and industrial upgrading.
These and other structural barriers conspire to create what is widely known as the ‘middle-income trap’.
Consider that since 1990, fewer than 250 million people have transitioned from middle-income to high-income status.
This level of progress is insufficient. Progress is terribly slow. Too slow to be useful.
With 75 per cent of the global population living in Middle-Income Countries, we must ensure that economic growth in these nations does not stagnate all the time.
And that the benefits of this growth are equitably distributed, leaving no one behind.
In shaping policies, therefore, we must account for the specific challenges middle-income countries face.
We must recognise that conventional economic metrics often fall short.
Specifically, Gross Domestic Product per capita fails to capture a country’s performance on all three dimensions of sustainable development.
Excellencies,
A one-size-fits-all approach to the global economy is outdated.
Countries may be similar but each of them is unique.
Challenges manifest differently across countries, depending on their specific contexts.
Middle-Income Countries are no exception. Each country has its specific circumstances.
They form a large and diverse group, each facing distinct challenges.
That is why the Pact for the Future reaffirms the need for a new framework to measure progress on sustainable development.
A framework that complements or goes beyond gross domestic product as we know it today.
Today’s meeting offers yet another opportunity to advance the implementation of the Pact for the Future, including those commitments contained in Action 53 of the Pact.
And it builds on the momentum gained just last week during the first informal dialogue I convened to this end.
Excellencies,
International cooperation with Middle-Income Countries is essential to their sustainable development.
On their own, these countries often struggle to take the next steps necessary to advance their economies – what we refer to as the ‘middle income trap’.
For instance, they face challenges to increasing capital accumulation.
And to mobilizing sufficient resources to invest in science and technology, which is so critical for thriving in the 21st-century economy.
Once again their “middle-income” classification restricts access to international development cooperation.
To adequate, predictable financing for sustainable development including climate finance.
Therefore, development partners, Multilateral Development Banks, and the United Nations development system must explore innovative approaches to expand support for these countries.
This year we will have several key opportunities to drive transformative change. This includes:
- The Fourth International Conference on Financing for Development in June to July,
- The High Level Political Forum in July, and
- The Second World Summit on Social Development in November.
We must make full use of these opportunities.
To support Middle-Income Countries.
And to eliminate the middle-income trap.
Excellencies,
The summary of this meeting will inform the Secretary-General’s biennial report on development cooperation with Middle-Income Countries.
I trust that your discussions will yield innovative solutions.
Solutions that drive real change for Middle-Income Countries.
And lead towards the global implementation of the 2030 Agenda for Sustainable Development.
Thank you.
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