The Least Developed Countries Report, 2008

Least developed countries are achieving record rates of economic expansion, but growth is failing to trickle down into significantly improved well-being for the majority of their population. The Least Developed Countries Report 2008 argues that this results from the type of economic growth and development strategy that these countries are following. In order to decisively reduce material deprivation and embark on economic and social development, LDCs need to adopt new types of development strategies that are nationally formulated and owned.The Report argues that the achievement of a more sustainable and inclusive type of economic growth requires effective national development strategies, which are supported by effective development aid and development-friendly international regimes for trade, investment and technology. Enhanced country ownership of national development strategies is critical for development and aid effectiveness. In order to reach these aims, LDCs are advised to implement aid management policies. These policies will allow aid to be more effective, providing a more powerful contribution to development.