According to the UN website, Bangladesh met the requirements in … As a result, Bangladesh reached lower-middle-income status in 2015 and is on track to graduate from the UN’s Least Developed Countries (LDC) list in 2026. The 5-day review meeting … “The impending LDC graduation is a matter of pride for Bangladesh. Bangladesh has met, for the second time, all the three criteria for graduating from the Least Developed Country (LDC) and if everything goes right, will finally be graduated in 2026. Canada’s preferential market access provided to LDCs would no longer be valid for Bangladesh as the country graduates from the LDC category, which would bring changes in Bangladesh’s trade relationship with Canada. The National Planning Commission has drafted an Approach Paper to graduate from a least developed country to a developing country by 2022. Km Population: 164.7 Million Per-capita Income: US$ 1751 (2017-18 FY) Read more on thedailystar.net. The requirements for becoming a developing country from the least developed country have recently been met by Bangladesh (2018) and if development becomes satisfactory, the UN ECOSOC (Economic and Social Council) will confirm Bangladesh’s graduation as a developing country by 2024 [6]. Nepal braces for graduation from an LDC. Read More: From LDC to Developing Nation: Celebration starts today This is the second consecutive time since 2018 that the CDP has made the recommendation for Bangladesh for graduation from the LDC category. Only recently, Bangladesh got the final recommendation to graduate from the status of a Least Developed Country (LDC) to a Developing Country by the relevant UN Committee. Angola, Sao Tome and Principe and Solomon Islands are scheduled to graduate in 2024. Originally posted in The Financial Express on 26 March 2021 Graduation from least developed country (LDC) to developing country status is both a reflection of Bangladesh’s commendable success in terms of key socio-economic indicators of development, and … Bangladesh has joined hands with peer least-developed countries (LDCs) to appeal to the World Trade Organisation (WTO) for the continuation of trade benefits they currently enjoy following status graduation to developing nations considering the pandemic’s ill-effect on economies. Taffere Tesfachew, chair of the CDP subgroup on LDCs, shared the decision of recommendation at a briefing last night after the second triennial review of the LDC category of UN CDP. Ultimately, Bangladesh is going to get into the bracket of developing country status in 2026. Share. In March 2018 Bangladesh for the first time met all the criteria to graduate from the LDCs status, namely GNI per Capita, Human Asset Index, and Economic Vulnerability The Committee for … If we can create a proper enabling business environment in the country, then graduating to a developing country is really an opportunity for Bangladesh,” said Rahman. Economic Vulnerability Index (EVI) for Bangladesh • Economic Vulnerability Index (EVI) of Bangladesh over time • Sharp increase in EVI of Bangladesh in 2012. Five countries are being considered for possible graduation at the CDP’s triennial review in 2021. It is a boon because it is an acknowledgment of progress, a major milestone in the nation’s development journey. Message from the United Nations Secretary-General H.E António Guterres on the occasion of Bangladesh’s graduation from a least developed country (LDC) to a developing country. According to the UN, a country is eligible to graduate from the LDC category if it has a gross national income (GNI) … The Bangladesh govt. The United Nations recently announced Bangladesh’s graduation from a least developed country (LDC) to a developing country. Bangladesh has been on the United Nation's Least Developed Countries list since 1975. The CDP’s LDC Monitoring Report 2021 states that Bhutan will be graduating in 2023, coinciding with the end of the 12th Plan. According to the recent estimates of the WTO Secretariat, 71 per cent of Bangladesh's global exports enter duty-free into countries that grant duty-free and quota free market access to least developed countries (LDCs). In respect of country rating, Bangladesh’s position would be displayed in a competitive row. Poverty declined from 44 percent in 1991 to 15 percent in 2016, based on the international poverty line of $1.90 a day (using 2011 Purchasing Power Parity exchange rate). Nepal and Bangladesh are in the cusp of graduation. The programme was organized by LDC Watch in collaboration with the National Focal Point in Bangladesh – COAST. This year 2021 is a momentous year for Bangladesh, the Korea International Cooperation Agency (KOICA) and the Republic of Korea. At present, the country enjoys DFQF market access for almost all items in most developed countries, including the European Union (EU), Canada, Japan, and the United States (US) and also in a number of developing countries, including India, Japan and South Korea and many others. Bangladesh will get time up to 2026 to prepare for the transition to the status of a developing country. Asked about Bangladesh's position on LDC graduation in a meeting with UN envoys on Tuesday, the minister said, "We hope to come out of LDC and graduate and move to a developing country. Booming Bangladesh looks forward to LDC graduation October 30, 2017. thedailystar.net • 11h. The United Nations Committee for Development Policy (CDP) has recommended graduation of Bangladesh from the category of Least Developed Country (LDC) as it fulfilled the eligibility criteria in terms of per capita income, human assets and economic and environmental vulnerability. Ldc graduation of Bangladesh 1. The United Nations Committee for Development Policy has recommended Bangladesh's graduation from Least Developed Country (LDC) status along with Nepal and Lao PDR. Bangladesh fulfilled all the criteria necessary for its elevation to a developing country in 2018. Bangladesh has received the final recommendation from a UN committee for graduating from the least developed country (LDC) status. Successful attainment of the Millennium Development Goals (MDGs) layers the solid foundation for its higher future development goals. Secondly, Bangladesh needs to limit its share in EU’s total imports under the scheme to 7.4 per cent. After graduation from LDC bloc Bangladesh will lose DFQF (Duty-Free Quota Free) facility in all developed and developing markets. On March 16 in 2018, the CDP in its triennial review meeting cleared Bangladesh’s eligibility for graduation to a developing nation as the country fulfilled all the criteria. A: Bhutan is scheduled to graduate from the LDC category in 2023. Currently, Bangladesh’s share in EU’s total imports is 25 June, 2021 12:00 AM. Bangladesh had been categorized as a LDC by the UN since 1975. LDC Graduation of Bangladesh: Challenges and Opportunities Presented by Foysal Hossen 2. Globally, there are 47 LDCs, according to the UN Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States.. Bangladesh. Prime Minister Sheikh Hasina today urged the countrymen to keep up the achievement dedicating Bangladesh's graduation to a developing nation to the countrymen as she was accorded a grand reception for her stewardship for the landmark development. It is a boon because it is an acknowledgment of progress, a major milestone in the nation’s development journey. Bangladesh, the largest least developed country (LDC) in terms of population and economic size, looks likely to leave the LDC category by 2024, propelled by better health and education, lower vulnerability and an economic boom. Km Population: 164.7 Million Per-capita Income: US$ 1751 (2017-18 FY) As a Least Developed Country (LDC) — Bangladesh had been enjoying facilities from many economies related to trade and commerce for decades. After the Economic Relations Department (ERD) sent a summary to the Prime Minister, she gave an instruction to start the graduation process. Graduation from least developed country (LDC) to developing country status is both a reflection of Bangladesh's commendable success in terms of key socio-economic indicators of development, and also an international recognition of this success. Bangladesh's graduation was built on the vision of Prime Minister Sheikh Hasina to transform Bangladesh into a middle-income country by 2021 and a developed country by 2041, said the Foreign Minister, adding that the "Digital Bangladesh" revolution also paved the way to accelerate Bangladesh's progress. Bangladesh: Graduation From LDC Bangladesh was categorized as an LDC in 1975. The recommendation came at the CDP’s triennial review on the LDC category in the early hours of Saturday, as the country had met all three criteria in the last three years. The LDC category was introduced by the United Nations in … https://cri.org.bd/2018/05/13/bangladesh-graduates-from-ldc-to-dc Graduation is for Bangladesh a mix of boon and bane. This is the second consecutive time since 2018 that the CDP has made the recommendation for Bangladesh for graduation from the LDC category. In 2018, it also crossed the threshold for graduation from the United Nations (UN)-defined list of least developed countries (LDC). The Committee for Development Policy (CDP) of United Nations (UN) has recommended Bangladesh’s graduation from the Least Developed Country (LDC) status for fulfilling its all three eligibility criteria for the second time alongside Nepal and Lao PDR, reports BSS. Post-graduation challenges. Bangladesh transitioning to developing country. This graduation message has already spread worldwide and has helped enhance Bangladesh’s brand image. As a least-developed country (LDC), Bangladesh currently enjoys zero-duty benefits on its shipments to the EU, Canada, Australia and many other countries. Bangladesh’s graduation progress will be reviewed by CDP in 2021 based on prepandemic data collected in 2019 and not that collected in 2020. Bangladesh has met, for the second time, all the three criteria for graduating from the Least Developed Country (LDC) and if everything goes right, will finally be graduated in 2026. The remarkable socio-economic development in the last decade has made Bangladesh eligible for this graduation. Bangladesh is set to graduate from LDC to a Developing nation by 2026 as per the recommendation of the UN Committee for Development Policy (CDP). The government attaches the highest priority to ensuring a smooth and sustainable LDC graduation for Bangladesh, Prime Minister's Principal Secretary Dr Ahmad Kaikaus has said. Though Developing Country status would increase Bangladesh’s bargaining power, the loss of LDC status also comes with a loss in several economic supports and benefits. Economists say that the challenges can be met through proper planning and implementation of policy. If the country wants to graduate, they want to get out of the LDCs, they have to inform the UN Committee for Development Policy. The graduation of a least developed country (LDC) status to a developing country is a critical policy choice for many emerging economies as they will lose preferential market access in the most developed markets. Figure 2: Govt. Graduation from the Least Developed Country (LDC) group to developing country status is a milestone in our development journey, and it will certainly improve Bangladesh's image globally. This graduation message has already spread worldwide and has helped enhance Bangladesh’s brand image. Retaining preferential market access after LDC graduation: Options and challenges for Bangladesh. A national consultation on LDC Graduation and Sustainable Development of Bangladesh took place on 27 February 2018at the CIRDARP auditorium, Dhaka, Bangladesh. has chosen to shed off the least developed country (LDC) status and will inform the United Nations (UN) of this pronouncement officially on 15 November. It adds that the country is making good progress in preparing for a smooth transition strategy and plans for appropriate actions to address challenges posed by the LDC graduation and the impacts of the Covid-19. Myanmar and Lao PDR also met the criteria for the 2nd time. Quiz Khaliquzzaman Ahmed, Chairman PKSF was the Chair of the seminar. After graduation from LDC bloc Bangladesh will lose DFQF (Duty-Free Quota Free) facility in all developed and developing markets. Bangladesh will present the matter of its transition to DC status at a virtual meeting with the CDP. Retaining preferential market access after LDC graduation: Options and challenges for Bangladesh. Graduation from an LDC to a developing country not only raises country’s pride but it bears costs as well. Consequently it is. Rd. With current LDC, Bangladesh enjoys various benefits including duty-free export facilities, low-interest foreign loans and grants from developed and developing countries. The least developed countries are the most vulnerable members of the international community having low income and severe structural and physical impediments to sustainable development. measures to absorb the shock. As a result, Bangladesh reached lower-middle-income status in 2015 and is on track to graduate from the UN’s Least Developed Countries (LDC) list in 2026. With the graduation, the country’s apparel sector which is a major export of the country will be taxed heavily and will not enjoy low-cost benefit anymore. The views of the country are taken into account in this process. growth and development performance of Bangladesh over the . Bangladesh has met, for the second time, all the three criteria for graduating from the Least Developed Country (LDC) and if everything goes right, will finally be graduated in 2026. Bangladesh was categorised as an LDC in 1975. In recent years, Bangladesh is widely recognized as a remarkable achiever in the field of socio economic development. Out of original 48 six countries have already graduated: Botswana, Cape Verde, Maldives, Samoa, Equatorial Guinea, and Vanuatu. In the European Union market, like Vietnam and India Bangladesh may face 9.60% duty though the rate may vary. Its approaching graduation from LDC to developing-country status will result in it losing several benefits. LDC THOUGHTS The changing economic environment and perspectives associated with LDC graduation can open up new windows of opportunities that can actually help GRADUATION OF Bangladesh to take necessary steps with a fresh endeavor to become an upper middle-income country by 2031 and high-income country by 2041. Finance. Bangladesh has taken advantage of the policy space it was granted under the LDC exemption to the WTO to Graduation is for Bangladesh a mix of boon and bane. The country is likely for the first time meet the three criteria for graduation at the next CDP review in March 2018. Secondly, Bangladesh needs to limit its share in EU’s total imports under the scheme to 7.4 per cent. Bangladesh at the Cross Road of LDC Graduation Country Profile Area: 147 570 Sq. Bangladesh’s graduation from LDC to a Developing Country •On March 16, 2018, Bangladesh started its journey to graduate to a developing country. The United Nations (UN) final nod for Bangladesh’s graduation to a developing country from the list of Least Developed Country (LDC) is a great piece of news for the entire nation. The remarkable socio-economic development in the last decade has made Bangladesh eligible for this graduation. Ultimately, Bangladesh is going to get into the bracket of developing country status in 2026. Bangladesh’s LDC graduation, to take effect from 2024, needs to be celebrated as a recognition of the country’s remarkable progress on many fronts over the past years. In March 2018, after 43 years as an LDC, Bangladesh became eligible for graduation to the developing country bracket after it met all the three criteria. Of course the process is gradual and due to take effect in 2024 with a grace period of three years to wean off the special dispensations of the LDC status. The increase had been by 9 percentage points from 23.21 in 2009 to 32.41 in 2012 even though Bangladesh stands at the marginal border of the graduation threshold level. Bangladesh’s LDC graduation and the challenges ahead. In 2015, Bangladesh crossed the threshold of the World Bank-defined lower middle-income country (LMIC). This is part of government plan announced in the 12th periodic plan and reinforced in the 13th plan. "Graduation is going to give us a … In … This begins the graduation process for Bangladesh, which could receive official Developing Country status by 2024. According to the UN website, Bangladesh met the requirements in March, 2018. Bangladesh has been on the UN Least Developed Countries (LDC) list since 1975. LDC Graduation of Bangladesh: Challenges and Opportunities Presented by Foysal Hossen 2. Out of original 48 six countries have already graduated: Botswana, Cape Verde, Maldives, Samoa, Equatorial Guinea, and Vanuatu. On February 22, Home Minister Asaduzzaman Khan Kamal told reporters that a formal announcement would be made on March 20 about Bangladesh’s graduation into the developing country category. Currently, Bangladesh’s share in EU’s total imports is The UN in its report on Friday has mentioned that the Bangladesh has been graduated to a developing nation from the least developed country (LDC). Like. Published: 00:00, Jul 09,2021. The economic . At the same time, there is no denying the fact that graduation will entail a number of new challenges as Bangladesh moves forwards on its post-graduation journey. Bangladesh has been on the UN's LDC list since 1975. It is indeed a seminal event in the history of Bangladesh that the UN last year declared Bangladesh eligible to step up to a developing economy from being a Least Developed Country (LDC). LDC graduation and WTO challenges 201 highly probable that the country will be recommended for graduation by the UN. Poverty declined from 44 percent in 1991 to 15 percent in 2016, based on the international poverty line of $1.90 a day (using 2011 Purchasing Power Parity exchange rate). Graduation of an LDC is based on significant improvements in the country’s development prospects. They said, permanent graduation from the LDC status would be a recognition of real development of the country and the living standards of the people, though Bangladesh will face many challenges. The majority, 33, are in Africa, while 13 can be found in the Asia-Pacific region, and one is in Latin America. However, we believe that this milestone will serve as testament to Bangladesh's development progress, attracting investors and helping to spur economic activity. By becoming eligible for graduation from LDC, Bangladesh has taken its status to a new height. “The people of the country did all these things. He noted that Bangladesh is characterized by a “double transition” since, in addition to its expected graduation from the LDC category in 2024, it transitioned from a low-income country to a lower-middle-income country in 2015. New York, 17 June 2021: Today, Foreign Minister Dr. A.K. BANGLADESH on Friday night received recommendation by the United Nations Committee for Development Policy (UN-CDP) to graduate from the status of least developed countries after a five-day meeting of the UN committee, says Taffere Tesfachew, chief of the CDP subgroup on LDCs. The United Nations has recommended Bangladesh as a developing country. In the European Union market, like Vietnam and India Bangladesh may face 9.60% duty though the rate may vary. Following LDC graduation in 2024, Bangladesh is set to lose existing trade preferences causing huge losses in businesses held globally. LDC Graduation — FTA And Trade Challenges. Abdul Momen called for an incentives-based and long-term graduation package for the graduating and graduated countries from LDCs as they are at a high risk of sliding back—both due to the COVID-19 impacts and the loss of LDC specific support measures. This study aims to explore the status of economic graduation and development of Bangladesh from the Least Development Countries (LDC) category to Middle Income Country (MIC). Bangladesh should graduate from ‘least developed country’ (LDC) status. Ldc graduation of Bangladesh 1. Flip. Bangladesh will get time up to 2026 to prepare for the transition to the status of a developing country. Bangladesh’s LDC Graduation & Its Future Consequence Sakib Mahmud, 1st Year 2nd Semester, Department of Economics, Shahjalal University of Science & Technology, Sylhet. 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