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Emerging economies are still developing

Re: "The new casinos - emerging markets", Opinion, July 3.

It is indeed important to dispel the widespread belief that "emerging" economies are approaching developed country status. Whereas, in fact, their physical, institutional and financial infrastructures remain relatively weak.

But at the same time it is also useful to evoke how some emerging economies belonging to the Group of 77 and China (G77) - which is in fact a group of 133 countries, including Thailand - describe their own status.

The most recent collective assessment made by the G77 on the matter is reflected in a still modestly publicised document - the Declaration of Santa Cruz (Bolivia), which was adopted by the G77 Summit on June 15.

This comprehensive document clearly recognises the gaps in many developing countries in meeting the needs of employment, food, water, healthcare, education, housing, physical infrastructure, energy, the looming environmental crisis, including the negative impact of climate change, the increasing shortage of drinking water and the loss of biodiversity.

According to the G77, imbalances in the global economy and the inequitable structures and outcomes in the trading, financial, monetary and technological systems still prevail today and the 21st century is the time for the countries and the peoples from the South to develop their economies and societies in order to fulfil human needs in harmony with nature and respect for mother earth and its ecosystems.

Ioan Voicu

Bangkok


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