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22 February, 2018 00:00 00 AM / LAST MODIFIED: 22 February, 2018 01:50:03 AM
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Bangladesh to leave LDC status Mar 22

Deepak Acharjee

Forty seven years after its independence, Bangladesh is set to celebrate the status of a ‘Developing Country’ in place of the existing Least Developed Country (LDC) trajectory.

Prime Minister Sheikh Hasina, elder daughter of Bangabandhu Sheikh Mujibur Rahman, will formally announce Bangladesh as a Developing Country at a function in the city on March 22.

The Prime Minister’s Office (PMO), in cooperation with the ministries and divisions, has made preparations to announce the upgrade of the country’s status.

The chief coordinator of Sustainable Development Goals (SDG) Affairs in the PMO, Abul Kalam Azad, who was previously the principal secretary to the PMO, has asked the secretaries of the ministries and divisions to prepare action plans and submit them to the PMO by February 28. Bangladesh is becoming a Developing Country, as the size of its gross domestic product (GDP) and the per capita income have increased. The country’s GDP growth rose to a record 7.28 per cent in the fiscal year 2016/17 and the per capita income rose to USD 1,610 in the FY 2016/17 from USD 1,465 in the FY 2015/16.

According to the Bangladesh Bank statement, the country’s foreign exchange reserves had risen to USD 33.23 billion by December last year, up by USD 630 million from the previous month’s tally.

Bangladesh is one of the most densely populated countries,

which has in recent years reduced population growth and improved health and education.

The poverty level has fallen from 60 per cent to around 30 per cent. The fertility rate has dropped from 3.4 to 2.3. Infant and maternal mortality rates have fallen by at least half since 1990, and life expectancy has risen by 10 years to 69.

Bangladesh is one of the few developing countries that is on target to achieve most of the Millennium Development Goals and is considerably ahead of target with respect to some indicators. The economic growth rate rose significantly after 1990 but only reached 6 per cent in 2004, and has never exceeded 7 per cent.

Development experts have explained this discrepancy by attributing Bangladesh’s social development to the success of innovative, low-cost solutions, such as microfinance programmes targeting women, massive social mobilization campaigns spearheaded by NGOs, the success of the labour-intensive, export-based garments industry, and the boost to earnings and human capital provided by labour migration and inward remittances.

Bangladesh has earned a reputation in the global market for low-cost, high-quality manufacturing through its garments sector.

At present, the Awami League government has its eyes fixed on the horizon, working hard to realize the twin dreams of eradicating extreme poverty and achieving middle-income status by 2021.In the 2016 edition of its  World Development Indicators, the World Bank took the decision to no longer distinguish between “developed” and “developing” countries in the presentation of its data.

 

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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