By UNCTAD
GENEVA (IDN-INPS) – Covered in steep hills and tropical forest, the tiny almost-island nation of Timor-Leste (East Timor) faced an uncertain future when it became independent from Indonesia in 2002.
But using its newly discovered oil for the benefit of its 1.2 million population, the fledgling democracy halved its infant and child mortality rates, boosted literacy, and saw national income rise from $810 per capita at independence to $3,940 in 2012.
The nation might have been eligible to graduate from its least developed country (LDC) status – a UN designation – by late 2021. But it depends heavily on its oil and gas exports, and tumbling oil prices have halved national income to $1,920 per capita in 2015, putting graduation into doubt.