Booming Bangladesh sets off to graduate leaving the LDC category
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Thursday
June 30, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
THURSDAY, JUNE 30, 2022
Booming Bangladesh sets off to graduate leaving the LDC category

Economy

TBS Report
26 December, 2021, 03:55 pm
Last modified: 26 December, 2021, 05:53 pm

Related News

  • Easing Covid-19 rules, growth focus aid China bulls' cautious return
  • China's factory, service sectors shake off 3 months of lockdown pain
  • Bangladesh’s apparel industry growth is here to stay
  • Forex, interest rate flexibility necessary for market development: Atiur Rahman
  • 46% of urban Indians say cost of living spiked compared to last 12 mths

Booming Bangladesh sets off to graduate leaving the LDC category

The country is set to leave this category after five years in 2026

TBS Report
26 December, 2021, 03:55 pm
Last modified: 26 December, 2021, 05:53 pm
LDC map. Photo: Collected
LDC map. Photo: Collected

Bangladesh has finally graduated from the least developed countries (LDC) category this year and embarked on the journey of becoming a developing economy. 

On 24 November, the United Nations General Assembly (UNGA) adopted a resolution on allowing Bangladesh to graduate into the developing country level during the 40th plenary meeting of its 76th session following a recommendation of the Committee for Development Policy (CDP).

The country is set to leave this category after five years in 2026, and prepare for the transition in the meantime due to the Covid-19 pandemic impact on the economy. 

Alongside Bangladesh, two other countries — Nepal and the Lao People's Democratic Republic — also got the clearance this year. 

Since the creation of the LDC category in 1971, only six countries have managed to leave it. In recent years, the trend towards graduation has accelerated.

Some 16 countries now formally meet the LDC graduation criteria. Among those, Angola, Bhutan, São Tomé and Príncipe, and the Solomon Islands are already scheduled to leave the category by 2024.  

Kiribati and Tuvalu have also been recommended for graduation by the CDP and endorsed by the United Nations Economic and Social Council (Ecosoc).

Earlier in February, Bangladesh received the endorsement of the CDP regarding its final timeline for exiting the LDC group.

However, the notion behind LDC graduation first materialised around 2016. 

During 12-16 March 2016, it was decided that Bangladesh would be removed from the LDC list, at the CDP's triennial review meeting in New York. 

Prime Minister Sheikh Hasina termed the graduation from LDC as a "milestone" in the country's journey towards development. 

In a parliamentary session on 28 November, Sheikh Hasina said that LDC graduation as a developing country will immensely help the campaign of branding Bangladesh in the world. 

She also remarked that many alternative opportunities would be created for Bangladesh as a developing country once LDC graduation is underway.

Bangladesh, on the occasion of this beaming achievement, is staring at the revocation of LDC category-specific preferences and privileges. 

Bangladesh currently enjoys the World Trade Organisation's Duty-Free Trade Facility (GSP), especially in European countries, for being an LDC. 

The LDC group, including Bangladesh, has been lobbying for the continuation of all support measures, including unilateral trade preferences, for 12 years even after graduation.

Meanwhile, WTO postponed its first ministerial meeting in four years in November this year due to the outbreak of the coronavirus variant omicron. 

Several committees under the Prime Minister's Office are working to identify and address the challenges likely to be induced by the LDC graduation.

In addition, the government has undertaken the "Support to Sustainable Graduation" project involving a cost of Tk134 crore to conduct various research concerning graduation.

Bangladesh / Top News

LDC graduation / UNGA / Economy / Least Developed Country (LDC)

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Mumit M/TBS
    Tanners to get Tk400cr bank loan to procure rawhides
  • Representational image
    Curbs on amnesty, ease for corporate tax
  • Photo: Collected
    Feed price hike, extortion on highway to increase sacrificial animal prices

MOST VIEWED

  • Photo: Collected
    Tech startup ShopUp bags $65m in Series B4 funding
  • World Bank to give Bangladesh $18b IDA loans in next five years
    World Bank to give Bangladesh $18b IDA loans in next five years
  • Photo: Noor-A-Alam
    Dollar crisis intensifies LC payment pressure as taka weakens
  • 20 businesses get nod for $326m foreign loan for expansion
    20 businesses get nod for $326m foreign loan for expansion
  • Infographic: TBS
    Dhaka ranks as costliest city again in South Asia for expatriates: Survey
  • Foreign aid crosses record $8 billion in May
    Foreign aid crosses record $8 billion in May

Related News

  • Easing Covid-19 rules, growth focus aid China bulls' cautious return
  • China's factory, service sectors shake off 3 months of lockdown pain
  • Bangladesh’s apparel industry growth is here to stay
  • Forex, interest rate flexibility necessary for market development: Atiur Rahman
  • 46% of urban Indians say cost of living spiked compared to last 12 mths

Features

Dr M Mushtuq Husain. Sketch: TBS

'We did not face an extreme crisis with Omicron. But this wave is spreading faster'

2h | Interviews
Luxury Houseboat owners  distributed food, provided medical assistance, and shelter to the flood victims, till the flood waters receded Photo: Masum Billah

The first responders: How luxury houseboats became rescue centres for flood victims

3h | Panorama
Mahathir accused financial titans of seeking to reverse decades of economic development that propelled tens of millions into the middle class. Photo: Bloomberg

George Soros, Mahathir and the legacy of 1997

22h | Panorama
 If Bangladesh produces and exports high-value-added MMF products right now, we can increase our total export by around 25% in value. Photo: Mumit M

Time ripe for Bangladesh RMG sector to focus more on man-made fibres

1d | Panorama

More Videos from TBS

Khaled Masud  Pilot starts his second innings in restaurant business

Khaled Masud Pilot starts his second innings in restaurant business

3h | Videos
Severodonetsk now under Russian control

Severodonetsk now under Russian control

15h | Videos
South African boy drove ambition, says Elon's father

South African boy drove ambition, says Elon's father

15h | Videos
Why Dollar crisis will last long?

Why Dollar crisis will last long?

15h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

4
Photo: Courtesy
Corporates

Gree AC being used in all parts of Padma Bridge project

5
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

6
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Workers unload sacks of paddy at the BOC Ghat paddy market on the bank of the Meghna River in Brahmanbaria’s Ashuganj, the largest paddy market in the eastern part of the country. This century-old market sells paddies worth Tk5-6 crore a day during the peak season. PHOTO: RAJIB DHAR

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net