Developing country status within reach

14 January, 2021 12:00 AM printer

Bangladesh’s graduation to the developing country status from the present LDC rank is now a matter of time only. However, every thing depends on the outcome the upcoming triennial review of the country’s performance records in necessary socio-economic arenas by the Committee for Development Policy (CDP) of the United Nations. The UN’s formal declaration in this regard is likely to be made some time within next four to five years.

It is known to all that such a graduation of any country is subject to the fulfilment of three criteria viz. GNI per capita, economic and environmental vulnerability as well as human asset indices. It may be remembered that Bangladesh successfully met all the criteria for graduation to the next level for the first time in 2018 and, given the track records after that, is also sure to meet it for the second consecutive time at the February review meet of the CDP.

The likely graduation of the country is a matter of pride for all of us. The government led by Prime Minister Sheikh Hasina deserves to be acclaimed for this unparallel achievement. That Bangladesh is going to shed the LDC status and joining the developing country club has been possible because of the tremendous success the country achieved during more than a decade. This foreseeable elevation of the country’s status is a big step ahead towards the fulfilment of Bangabandhu’s dream for a Golden Bengal.

It is to be noted that while this upward thrust of the country’s rank will create certain prospects and potentials and enhance its prestige in the comity of nations, it will also throw some challenges like loss of certain LDC facilities such as duty-free and quota-free access of some of its commodities. This may also affect the country’s foreign exchange earning and investment from other countries.

With these in clear view, Bangladesh is also trying for an extended preparatory period during which it will be entitled to all the support measures reserved for LDCs. The country must make best possible use of the facilities during this period. Bangladesh as a developing country must also perform better in the fields of competitiveness through enhanced productivity, infrastructure development, uninterrupted supply of power and energy, and maintenance of social peace and political stability.

Let the imminent graduation of the country be the beginning of our march towards the next level – the developed country status within next couple of decades.