Bangladesh’s graduation from a least developed country (LDC) is imminent and while this transition signifies a significant achievement, it also brings forth significant challenges that must be addressed to ensure a smooth economic trajectory.
To that end, it is good to see the authorities concerned pro-actively recognize that the country will need assistance in ensuring that, once we have indeed graduated and no longer enjoy the benefits that LDCs are afforded, we are not caught off guard.
One key aspect is the need for smart diplomacy, something that Bangladesh has been emphasizing in recent years, and which must continue. Bangladesh must continue to lean on strategic partnerships with both countries and international organizations to leverage its strengths and address its weaknesses.
Bangladesh’s lack of diversity in terms of exports will be among the biggest challenges, and having more strategic partnerships across the globe ensures not only negotiating more favourable trade agreements, but attracting foreign investment and accessing development assistance -- all of which will be key if we are to continue to make progress at a steady pace post LDC graduation.
Additionally, Bangladesh must also focus on ensuring that it does not forget the desire to become a more equitable nation; the prioritization of social development, including education, healthcare, and social protection, is of paramount importance to ensure inclusive growth and reduce poverty.
Bangladesh must also forge stronger bonds with development partners to continue supporting efforts even after its LDC graduation; the onus is on our leaders to showcase the importance of a stable and prosperous Bangladesh for regional and global stability.
While Bangladesh must enjoy the achievement of graduating from an LDC, we must ensure to have the proper safeguards in place so that our growth is not hampered. Failure is not an option if we are to become Smart Bangladesh, prosperous and equitable, by 2041.
