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- In 1975, the United Nations classified Bangladesh as a Least Developed Country (LDC), making it eligible for international support measures targeted at the world's poorest countries (Van Schendel, 2020).
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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. LDC graduation and smooth transition
- What is a Least Developed Country? The Least Developed Countries (LDCs) are countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development across a range of indexes.
- What are the challenges facing the least developed countries? Today, the 46 LDCs are home to some 1.1 billion people, that’s 14 per cent of the world's population, and more than 75 per cent of those people still live in poverty.
- How can the United Nations and the international community help LDCs? The UN system's efforts to reverse the increasing marginalisation of LDCs in the global economy and to put them on a path to sustainable growth and development date back to the 1960s.
- What is the Doha Programme of Action? The Doha Programme of Action (or DPoA, for acronym lovers!) is the development road map for LDCs agreed in March 2022.
Development needs to change. Bangladesh can show us how. Jan 18, 2022. Bangladesh has been hailed as a case study in how to reduce poverty. Image: Eyefays / Pixabay. This article is part of: The Davos Agenda. Listen to the article. The world is changing – and the way we approach development must change, too.
- 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...
1 World Bank, 2024. Global Economic Prospects, January 2024. On the demand side, weaker private consumption and investment led to a decline in real GDP growth to 5.8 percent in FY23. The contribution of private consumption and investment to growth declined by 3.7 and 2.2 percentage points in FY23 (Figure 1).
Throughout the report, the term “least developed country” refers to a country included in the United Nations list of least developed countries. The terms “country” and “economy”, as appropriate, also refer to territories or areas. Tables Two dots (..) indicate that the data are not available or are not separately reported.
This period also brought about a soaring inflation rate, approaching triple digits. In 1975, the United Nations classified Bangladesh as a Least Developed Country (LDC), making it eligible for international support measures targeted at the world's poorest countries (Van Schendel, 2020[5]).
