On March 16, 2018, Bangladesh got the first recommendation for graduating to a developing country by Committee for Development Policy (CDP), a United Nations Panel. The declaration is worth taking pride in for Bangladeshis of every sphere. The country has been showing consistently brilliant performance in all the three indices (Gross National Income, Human Assets Index and Economic Vulnerability Index) and become a serious name of development in international dialogues. Bangladesh outstripped the LDC average Gross National Income (a strong parameter of economic success) in 1996 and has been rising since then. The country leaves some good lessons for the rest of the world on significantly reducing under-five mortality rate (to 16% from a 54% in 1990), which is one of the parameters of Human Assets Index.
On the flipside, lifting of international support measures that Bangladesh is entitled to as an LDC, would have some impact on the economy. The most marked impact would be lifting of the Generalized System of Preferences (GSP) schemes of Europe and Canada. Having an RMG-focused export basket where 64% of the export goes to 27 EU countries under GSP, the probability of lifting of these benefits arises some concerns. However, countries like Cabo Verde, Samoa, Maldives who still enjoys the LDC benefits despite not being LDCs, give us assurance of the developing status not being heavy on the economy. Most importantly, we need to maintain the current momentum of development and opt for the next level in a bid to formally graduate with flying colors in 2027.
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