According to the report, the share of the overall LDC population living in "absolute poverty" declined slowly from 44 percent in 1994 to 36 percent in 2005. But the level is still highand amounts to 277 million people.

"Absolute poverty" refers to those living on less than 1 U.S. dollar a day.

Slow progress in reducing poverty means the LDCs will not be able to achieve the first of the United Nations' Millennium Goals (MDGs): halving the proportion of those living on less than 1 U.S.dollar a day between 1990 and 2015.

The report also urged LDCs to diversify what they produce and sell on world markets to achieve sustainable economic development.

The 50 LDCs saw their values of exports climb by a collective 80 percent between 2004 and 2006 and recorded their highest rates of economic growth in 30 years, even surpassing the 7 percent target set by their governments and their development partners.

But their increased dependence on selling a few unsophisticatedproducts -- primarily petroleum, low-technology manufactures, minerals, ores, metals and farm goods -- leaves them vulnerable toa reversal, the report warned. Enditem

(Xinhua News Agency July 18, 2008)