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Bangladesh on path to be recognized as a developing country

  • Published at 01:36 pm March 17th, 2018
  • Last updated at 02:51 pm March 17th, 2018
Bangladesh on path to be recognized as a developing country
Bangladesh, for the first time in history, has fulfilled the eligibility criteria set forth by the United Nations (UN) to be recognized as a developing country. Bangladesh will now be able to apply to the UN for recognition as a developing country, while the formal transition will occur on 2024. The UN classifies all countries across the world under three criteria, Least Developed Countries (LDC), Developing and Developed. Bangladesh had remained in the list of LDC since 1975. But, the Bangladesh profile in the UN web portal currently shows that the country has achieved the eligibility criteria for transitioning into the list of developing countries. To transition from LDC, a country must fulfill three essential criteria- per capita Gross National Income (GNI), Human Resources Index and Economic Vulnerability Index (EVI). Per capita income of $1,230 is the minimum requirement for transitioning into a developing nation, and Bangladesh’s income per capita currently stands at $1,274. Bangladesh holds 72 points in the Human Resources Index, while the minimum requirement is 64 points. For the UN recognition, Economic Vulnerability Index (EVI) must be below 32 points, and Bangladesh’s current score is 25.5 points. In July, 2015, Bangladesh transitioned from a low income to a lower-middle income country. This distinction, based on the per capita income of a country, is used by the World Bank. Meanwhile, Prime Minister Sheikh Hasina made the announcement of Bangladesh’s eligibility to be recognized as a developing nation, on the 99th birthday of Bangabandhu Sheikh Mujibur Rahman. The announcement came at a program held in Tungipara of Gopalganj on Saturday (March 17). Addressing the program, Sheikh Hasina said: “UN has recognized Bangladesh’s eligibility as a developing country, and I want to share this good news with the nation on the birth anniversary of Bangabandhu.” This story was first published on banglatribune.com