The least developed countries (LDCs) are a group of countries (presently 50 States) that have been officially identified by the United Nations as "least developed" in the light of their low income, weak human assets, and high economic vulnerability. UNCTAD, in past LDC Reports, has taken the view that the key to sustained economic growth and poverty reduction in LDCs is the development of productive capacities and related creation of productive employment. The Least Developed Countries Report 2007 corroborates this view by focusing on knowledge accumulation, technological learning and the ability to innovate as vital processes toward genuine productive capacity development in these countries.