For the first time in history, Bangladesh has become eligible to graduate to a developing country from the LDC group after meeting all the three criteria set forth by the United Nations. The historic announcement made by the United Nation confirming the country’s eligibility for LDC graduation is a testimony of the steady progress Bangladesh made in some of the most critical growth indicators over the years.The Committee for Development Policy (CDP), a UN body, made the announcement on the country’s LDC graduation eligibility at a meeting at the UN headquarters in New York.According to the UN website, Bangladesh met the requirements in March, 2018.
The UN Committee for Development Policy (CPD) gave a letter announcing Bangladesh’s eligibility for graduation to the Bangladesh Permanent Ambassador to the UN Masud Bin Momen on Friday evening in New York.
The UN will continue to review the growth attained by Bangladesh in three critical areas — per capita gross national income (GNI), human asset index (HAI) and economic vulnerability index (EVI) over the next six years.The graduation process has just begun, which means that progress on three critical criteria will have to be sustained to make sure Bangladesh escapes the LDC bloc in 2024.
The UN classifies all countries across the world under three criteria, Least Developed Countries (LDC), Developing and Developed. Bangladesh had remained in the list of LDC since 1975.
Per capita income of $1,230 is the minimum requirement for transitioning into a developing nation, and Bangladesh’s income per capita currently stands at $1,274.
Bangladesh holds 72 points in the Human Resources Index, while the minimum requirement is 64 points.
For the UN recognition, Economic Vulnerability Index (EVI) must be below 32 points, and Bangladesh’s current score is 25.5 points.
In July, 2015, Bangladesh transitioned from a low income to a lower-middle income country. This distinction, based on the per capita income of a country, is used by the World Bank.
Prime Minister Sheikh Hasina has expressed her delight at Bangladesh’s graduation to a developing country and said that it is a great achievement for the nation.For this, the prime minister extended her heartiest congratulations to all.
Economists say that the challenges can be met through proper planning and implementation of policy.