Overview

Economic growth in the least developed countries (LDCs) has slowed since 2012, when impressive performance by fuel-exporting countries took the growth rate of their real gross domestic product (GDP) to a post-financial crisis peak of 7.2 per cent. In 2014, less favourable external conditions (compounded by the impact of the Ebola outbreak in Guinea, Liberia and Sierra Leone) contributed to a further deterioration in their economic performance. The average growth rate of LDCs as a group was 5.5 per cent in 2014, with very similar average rates across all geographical subgroups. This was a reduction from 6.1 per cent in 2013 and well below the 2002–2008 average of 7.4 per cent, but significantly stronger than the 4.4 per cent growth recorded by other developing countries (ODCs).

Related Subject(s): Economic and Social Development