1945

Important, and on balance encouraging, developments have taken place among the least developed countries in the mid-1990s. The determined efforts to implement economic policy reforms have led to improved economic performance in about half of the LDCs. The economic revival is most notable in Africa, where economic growth rates have risen to levels that, on average, involve modest increases in per capita output. Macroeconomic reforms, particularly exchange rate reforms, have played an important role in stimulating higher growth rates in many LDCs. Economic improvement has taken place despite the continued stagnation of aid flows to LDCs and the persistence of their external debt problems. Reduction of the external debt burden, together with an increase in aid flows, would provide strong support for the economic reforms currently underway in LDCs, and help ensure that the current revival is sustained. The recent economic performance of the LDCs and developments in external financing are reviewed in Part One of this Report.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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