This tilt was accentuated in the 1980s when most of the developing countries fell into recession when the Organisation of the Petroleum Exporting Countries (Opec) increase oil prices. SEE ALSO: Coronavirus takes toll on cost of inputs for companiesThe developing countries were left reeling under mountains of debt when their local currencies collapsed. The Bretton Woods institutions - the World Bank and the International Monetary Fund (IMF) - served as midwives for the subsequent dismantling of these developing countries’ manufacturing capacities - which were still in their infancy. For More of This and Other Stories, Grab Your Copy of the Standard Newspaper. This is what made these countries dependent on imports such that when the pandemic struck their shores, they were unable to protect themselves.

Source: Standard Digital April 28, 2020 09:00 UTC