The news of the recent United Nations (UN) resolution for graduating Bangladesh from the Least Developed Country (LDC) category is undoubtedly a major milestone. It means that “significant progress has been made towards reaching at least some of the development goals,” as the UN Economic and Social Council has put it.
Bangladesh has much to rejoice about reaching this landmark moment. The country began the ascension officially in March 2018 when the UN Committee for Development Policy (CDP) declared Bangladesh’s eligibility for graduation from the list of LDCs, as it had fulfilled the requirements in all three criteria to be considered a developing country.
A glance at the markers for achieving this feat is nothing short of inspiring. The UN requires per capita income to be $1,230 as one of the requirements for transitioning into a developing nation. Bangladesh’s per capita income currently stands at $2,554. At the same time, the Economic Vulnerability Index (EVI) must be below 32 points for an aspiring country, a prerequisite that Bangladesh also satisfied, with a point score of 27.3. At this critical and hopeful juncture, 50 years after our independence, Bangladesh can be proud of what it has gained. Yet, it is imperative to ensure that we do not rest on our laurels; the graduation must not result in a disruption or reversal of development plans, programs, and projects.
Bangladesh should also be vigilant and appropriately prepare for the graduation, for which a five-year period has been provided in the UN resolution. The government should now ensure a national smooth transition strategy, with the support of the United Nations system and in cooperation with its bilateral, regional, and multilateral development, and trading partners.
This is only the beginning, and Bangladesh has a long way to go before it achieves its ultimate goal of becoming a developed economy.