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Trade and Development Board, 60th executive session (least developed countries)

Date
Time (GMT +00) 11:00 14:00

Description

The Least Developed Countries Report 2014 was presented to the Trade and Development Board.

The Report analyses the “least developed countries paradox”, namely the combination of strong economic growth since 2000 with slow poverty reduction and limited progress towards achieving the Millennium Development Goals.

It concludes that this situation is the result of the failure of least developed countries to accelerate the structural transformation of their economies towards a modern economic structure, characterized by higher value added activities and sectors, more knowledge-intensive activities, higher labour productivity and expanding quality employment.

In the post-2015 period, fostering growth with structural transformation will require least developed countries to focus on three critical policy areas:

  • Resource mobilization to finance productive investment.

  • Industrial policy aimed at upgrading and diversifying the economic structure.

  • A supportive macroeconomic policy stance.

For least developed countries to achieve the sustainable development goals, they will also require a concerted effort by the international community.