One can be forgiven for having a strong sense of scepticism concerning the ability of a large number of LDCs to meet the graduation criteria by 2020. The outlook for GDP growth for the next five years is not encouraging. Many LDCs, notwithstanding some progress made, are unlikely to achieve the Millenium Development Goals on time. The past decade of Action Programs, despite the boom period and the growth rates achieved, neither brought about any significant strides towards developing productive capacities nor promoted much structural transformation of LDCs. Providing further fuel for such scepticism are the continuing challenges facing LDCs with respect to commodities. After all, the notion of a natural resource curse has repeatedly been highlightedby observers as a key hindrance to the development of LDCs, associated as the concept is with a heavy reliance on a few products, "Dutch disease", poor governance and exposure to price volatility, among others. On the face of it, however, there is nothing predetermined about the nature of LDCs' commodity dependence. An abundance of natural resources could, for instance, imply a blessing rather than a curse for a country's development. The success story of Botswana and the country's management of its diamond deposits is a case in point, especially since it was the first LDC to graduate. This suggests that realizing the potential of cornmodities to benefit LDC economies is, at least to a certain extent, a matter of policy. In view of how intertwined the development of LDCs are with the commodity sector, it would be reasonable to expect that greater success in dealing with" natural resources could go a long way towards enabling LDCs to meet the criteria for graduation - even in the eyes of a sceptic.
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