Recent trends and outlook for the LDCs

From 2002 to 2008, the least developed countries (LDCs) as a group experienced impressive economic growth, with their real gross domestic product (GDP) growing at an average annual rate of more than 7 per cent. This represented the strongest and longest period of growth acceleration achieved by this group of countries since 1970 (UNCTAD, 2010: chap.1). It was largely due to their robust export performance in the context of rising commodity prices and expanding global output, along with buoyant capital inflows stemming from higher remittances, foreign direct investment (FDI) and official development assistance (ODA). However, their performance in terms of achieving the Millennium Development Goals (MDGs) was disappointing (as discussed in chapter 2 of this Report).

Related Subject(s): Economic and Social Development