Remarks by the President of the General Assembly
Mr. Philémon Yang
Ninth Ministerial Meeting of the Like-Minded Group for Middle Income Countries
26 September 2024
[As Delivered by Chef de Cabinet Mr. Ivor Fung]
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Thank you for the opportunity to address the ninth Ministerial Meeting of the Like-Minded Group for Middle Income Countries.
Home to 75 percent of the world’s population, including 62 per cent of the world’s poor, middle-income countries are a diverse group of nations, varying by size, population, and income.
They are also influential, playing a key role in South-South and triangular cooperation.
Although they account for one third of global GDP, high debt burdens and access to development financing remain obstacles for many middle-income countries.
The number of middle-income countries at high risk of debt distress is growing, while at the same time, support is needed to leverage and mobilize financing for sustainable development.
To address these challenges, we must reform the international financial architecture, including through enhancing the representation of developing countries and ensuring the availability of concessional financing.
We must also ensure that support is tailored to the diverse needs of individual countries and scaled to their specific challenges.
I urge all Member States to address the diverse needs of middle-income countries, in earnest, at the upcoming Fourth International Conference on Financing for Development, in July 2025.
Excellencies,
We know that innovation and technology are powerful drivers of economic growth and sustainable development.
As such, they are important keys to escaping the “middle-income trap” of premature slowdowns that prevent countries from accelerating their economic growth.
These slowdowns keep middle income countries caught between the advanced technology of wealthy countries on the one hand, and competition in mature products from lower income, lower wage countries, on the other hand.
To achieve long-term, inclusive growth while moving up the income ladder, we must help middle income countries continue their push to increase the role of technology and innovation in their economies.
By embracing the transition to sustainable consumption and production, and building productive and technological capacities that promote resource efficiency, they can reverse carbon footprints while promoting positive social and economic impacts.
Alongside these efforts, we must improve the quality, volume and focus of climate finance.
A reliable and resilient service sector, underpinned by digitalization, can also accelerate and broaden growth across key sectors of the economy.
The Pact for the Future and its annexes offer a strong framework for empowering middle-income countries in these ways.
To be sure, our success will depend on how well we improve coordination among the United Nations development system, international financial institutions, regional organizations and others to ensure more efficient support to middle income countries.
The private sector and public-private partnerships also have a key role to play in addressing these challenges.
To maintain momentum, I look forward to convening a meeting on the structural barriers hampering middle-income countries from achieving the 2030 Agenda, and exploring ways to move beyond GDP to a measure of economic prosperity that captures the true health of human wellbeing.
Let us work together to support middle-income countries in overcoming their multidimensional challenges.
I look forward to further discussion with you on these important issues during the 79th session.
I thank you.
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