Bangladesh is going to be ranked developing country. United Nations Economic and Social Council (ECOSOC) is going to award the rank of developing country to Bangladesh in next March.
Commerce Minister Tofael Ahmed delivered the information at a program in the capital on Thursday.
He said, after meeting up the three conditions of economic index such as, per capita income, human resource development and economic transience Bangladesh is stepping into the stage of developing countries.
Bangladesh is in the list of Least Developed Countries (LDC) for the last 42 years. If the declaration comes in 2018 then the year will be memorable for the countrymen. If all the process are on right track than Bangladesh will be included in the list of developing countries formally from 2024.
The attainment of this ranking is a pride for Bangladesh. With this Bangladesh will be emerged with a new identity. But some new challenges will be created for the country after stepping into the developing arena. Economists suggested for taking some preparations in advance.
ECOSOC Development Policy Affairs Committee (CDP) reviews the promotional activities from LDC in every three years end. CDP secretariat officials came in Dhaka in last October to discuss the promotional activities. After preliminary calculation CDP ensured that Bangladesh will fulfill the criteria of being a developing country by March. In their 2021 year’s review CDP will recommend Bangladesh for its up gradation from LDC. United Nations will approve Bangladesh as a developing country in the year 2024.
The review that is going to take place in March, there per capita income should be 1230 dollars. The income is fixed according to the Atlas method of World Bank. According to the UN committee the per capita income of Bangladesh is 1272 dollars. Human resource index score should be 66 or more. At present Bangladesh’s score is 72.8. And according to the economic transience index score should be 25 or less. The present score of the country is 25.
Bangladesh has advanced from lower income country to lower middle income country in July 2015. This classification is made by World Bank considering the per capita income. The UN has classified its member countries into three categories- Least developed (LDC), Developing and Developed countries. Bangladesh is ranked LDC from 1975. ‘Per capita income’ is one of the main criteria for promotion from LDC to developing countries. Moreover, another two criteria were fixed to determine social development and economic stability.
What is the benefit of being a developing country? In this regard World Bank Dhaka office Lead Economist Dr. Zahid Hossain said, the main thing is about dignity. It is a recognition that Bangladesh is forwarding. Bangladesh will be treated in different way and the power to bargain will also increase. There is also possibility of increasing foreign investment.
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