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Is Bangladesh a 'Least Developed Country'?
Should Bangladesh graduate from 'Least Developed Country' status?
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In 2021, the United Nations Committee on Development Policy will consider whether Bangladesh should graduate from ‘least developed country’ (LDC) status.
As of 2021, forty-six countries are designated by the United Nations as least developed countries (LDCs). These are: Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, the Central African
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- The Opportunities: Branding, Cash Inflow, and Potential Growth
- Major Impairments and Implicating Challenges
- Trade: Lost Opportunities and Market Access
- Financing: Higher Rates, Shorter Tenures
- Development Funds: The Lack Thereof
- The Way Forward: Has The Govt. Taken Initiatives?
- Further Interventions and Policy Measures
Graduating LDC status would tangibly convey economic strength, more capable human resources, and increased resilience to economic and environmental shocks. What these components intangibly bring forth is a revamped brand image for the country. Financing both debt and equity would be more accessible and compliant as the country would be perceived by...
Although this is a noteworthy achievement for Bangladesh, graduating LDC status brings more tangible challenges than benefits. As part of the LDC bloc, the country currently enjoys support measures that can broadly be categorized into three areas – international trade, development assistance, and support in international forums. Upon graduating LDC...
Bangladesh could lose some 14% or USD 5.73 billion worth of export earnings a year following graduation to LDC status.7Possibly the most significant component for the country, Bangladesh continues to enjoy preferential market benefits known as the Generalized System of Preferences (GSP), which includes Duty-Free and Quota-Free (DFQF) access for exp...
Moody’s currently rates Bangladesh as Ba3, considered a ‘junk’ status or ‘high-yielding’, which is considerably below investment grade.13This outlook is likely to shift upward based on the fact that LDC graduates are seen as less risky. However, any upgrade in the credit rating would be reliant on factors like real GDP growth, public debt level, ef...
Bangladesh would be forgoing grants worth USD 700 million over time as it leaves the LDC bloc.18 Upon graduation, the country would lose out on Official Development Assistance (ODA) in the form of foreign grants, development funds, and other relevant technical and infrastructural support from global partners. Developed countries have committed to p...
Although Bangladesh is set for graduating LDC status in 2026, it would still enjoy LDC benefits and support for 3 more years to ensure a smooth transition and preparation. This means there are two stages to the transition: the official leap in 2026, and the actual strike in 2029, giving the country 7 more years to get ready to lose all LDC perks. T...
The Government of Bangladesh has even more scope in terms of intervention and policy measures to enhance international trade and financing opportunities in the post-LDC era. Firstly, the government should opt to ensure more FTAs and PTAs with more trading partners across the international market. Bangladesh already has a competitive advantage in ga...
It achieved the highest cumulative GDP growth globally from 2010 to 2020 and is now on course to become a developed country by 2041. The Bangladesh paradox has been researched well, and the role of non-governmental organizations (NGOs) in this progress is well documented.
Sep 27, 2022 · For Bangladesh, progress in its human development performance weighs heavily for Covid recovery and for realising ambitious goals. It is set to graduate out of the Least Developed Country (LDC) status by 2026.
Feb 11, 2023 · As per the decision of the UN General Assembly held in November 2021, Bangladesh is set to graduate out of the group of least developed countries (LDCs) on November 24, 2026, about 50 years...
Bangladesh’s expected graduation from the UN’s Least Developed Country (LDC) status in 2026 will present new challenges. Bangladesh will need to strengthen its trade
