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UNGA adopts resolution to graduate Bangladesh from LDC

Black_cats

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UNGA adopts resolution to graduate Bangladesh from LDC
Tribune Desk
  • Published at 04:08 am November 25th, 2021
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The UN General Assembly has adopted resolution A/76/L.6/Rev.1, Graduation of Bangladesh, the Lao People’s Democratic Republic and Nepal from the least developed country category UN

Bangladesh given five years to prepare for graduation

In a historic move, the United Nations General Assembly (UNGA) has adopted a resolution to graduate Bangladesh and two other countries from the Least Developed Country (LDC) category.

The UN on Wednesday also gave the countries five years, instead of three, to prepare for the graduation to a developing country. Hence, the decision will come into effect on November 24, 2026.

The two other countries that got clearance for the graduation are Nepal and the Lao People’s Democratic Republic.

Also Read - BBS: GDP growth at current prices 17% in last 6 years

In a statement, the UN said: “The three countries will graduate from the LDC category after an exceptionally extended preparatory period of five years (the standard period is of three years) to enable them to prepare for graduation while planning for a post-Covid-19 recovery and implementing policies and strategies to reverse the economic and social damage incurred by the Covid-19 shock.”

Currently, there are 46 countries on the LDC list, according to the UN Committee for Development Policy (CDP). Of them, seven countries including Bangladesh and Bhutan are graduating from the LDC.

Also Read - LDC graduation: New opportunities, new challenges
The committee earlier recommended Bangladesh’s graduation from the list of the LDCs after a second round of review on February 26 this year.

"What better way to celebrate 50th anniversary of our independence and birth centenary of Bangabandhu! Fulfillment of national aspiration and Prime Minister's vision 2021," Bangladesh's Permanent Representative to the UN Rabab Fatima tweeted on Wednesday.


Before recommending Bangladesh’s graduation, the CDP in March 2018 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.
According to the UN, per capita income of $1,230 is one of the requirements for transitioning into a developing nation. Bangladesh’s per capita income currently stands at $2,554.

Moreover, to make the cut, the Economic Vulnerability Index (EVI) must be below 32 points while Bangladesh’s score was 27.3 points and its score in the Human Assets Index (HAI) was 75.3 against a threshold of 66 as of February this year.

 

DHSquare

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UNGA adopts resolution to graduate Bangladesh from LDC
Tribune Desk
  • Published at 04:08 am November 25th, 2021
UN Headquarters flags

The UN General Assembly has adopted resolution A/76/L.6/Rev.1, Graduation of Bangladesh, the Lao People’s Democratic Republic and Nepal from the least developed country category UN

Bangladesh given five years to prepare for graduation

In a historic move, the United Nations General Assembly (UNGA) has adopted a resolution to graduate Bangladesh and two other countries from the Least Developed Country (LDC) category.

The UN on Wednesday also gave the countries five years, instead of three, to prepare for the graduation to a developing country. Hence, the decision will come into effect on November 24, 2026.

The two other countries that got clearance for the graduation are Nepal and the Lao People’s Democratic Republic.

Also Read - BBS: GDP growth at current prices 17% in last 6 years

In a statement, the UN said: “The three countries will graduate from the LDC category after an exceptionally extended preparatory period of five years (the standard period is of three years) to enable them to prepare for graduation while planning for a post-Covid-19 recovery and implementing policies and strategies to reverse the economic and social damage incurred by the Covid-19 shock.”

Currently, there are 46 countries on the LDC list, according to the UN Committee for Development Policy (CDP). Of them, seven countries including Bangladesh and Bhutan are graduating from the LDC.

Also Read - LDC graduation: New opportunities, new challenges
The committee earlier recommended Bangladesh’s graduation from the list of the LDCs after a second round of review on February 26 this year.

"What better way to celebrate 50th anniversary of our independence and birth centenary of Bangabandhu! Fulfillment of national aspiration and Prime Minister's vision 2021," Bangladesh's Permanent Representative to the UN Rabab Fatima tweeted on Wednesday.


Before recommending Bangladesh’s graduation, the CDP in March 2018 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.
According to the UN, per capita income of $1,230 is one of the requirements for transitioning into a developing nation. Bangladesh’s per capita income currently stands at $2,554.

Moreover, to make the cut, the Economic Vulnerability Index (EVI) must be below 32 points while Bangladesh’s score was 27.3 points and its score in the Human Assets Index (HAI) was 75.3 against a threshold of 66 as of February this year.

Allah bless u with more success aameen
 

Bilal9

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UNGA adopts resolution to graduate Bangladesh from LDC
Tribune Desk
  • Published at 04:08 am November 25th, 2021
UN Headquarters flags

The UN General Assembly has adopted resolution A/76/L.6/Rev.1, Graduation of Bangladesh, the Lao People’s Democratic Republic and Nepal from the least developed country category UN

Bangladesh given five years to prepare for graduation

In a historic move, the United Nations General Assembly (UNGA) has adopted a resolution to graduate Bangladesh and two other countries from the Least Developed Country (LDC) category.

The UN on Wednesday also gave the countries five years, instead of three, to prepare for the graduation to a developing country. Hence, the decision will come into effect on November 24, 2026.

The two other countries that got clearance for the graduation are Nepal and the Lao People’s Democratic Republic.

Also Read - BBS: GDP growth at current prices 17% in last 6 years

In a statement, the UN said: “The three countries will graduate from the LDC category after an exceptionally extended preparatory period of five years (the standard period is of three years) to enable them to prepare for graduation while planning for a post-Covid-19 recovery and implementing policies and strategies to reverse the economic and social damage incurred by the Covid-19 shock.”

Currently, there are 46 countries on the LDC list, according to the UN Committee for Development Policy (CDP). Of them, seven countries including Bangladesh and Bhutan are graduating from the LDC.

Also Read - LDC graduation: New opportunities, new challenges
The committee earlier recommended Bangladesh’s graduation from the list of the LDCs after a second round of review on February 26 this year.

"What better way to celebrate 50th anniversary of our independence and birth centenary of Bangabandhu! Fulfillment of national aspiration and Prime Minister's vision 2021," Bangladesh's Permanent Representative to the UN Rabab Fatima tweeted on Wednesday.


Before recommending Bangladesh’s graduation, the CDP in March 2018 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.
According to the UN, per capita income of $1,230 is one of the requirements for transitioning into a developing nation. Bangladesh’s per capita income currently stands at $2,554.

Moreover, to make the cut, the Economic Vulnerability Index (EVI) must be below 32 points while Bangladesh’s score was 27.3 points and its score in the Human Assets Index (HAI) was 75.3 against a threshold of 66 as of February this year.

More than being overjoyed - Bangladesh govt. institutions and business community should look at ways how this will disadvantage us. Graduation from LDC means we will eventually only lose preferential trade quotas and GSP benefits in our main markets (US and EU). Is Bangladesh ready? That question yet has no clear-cut answer.
 

Black_cats

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More than being overjoyed - Bangladesh govt. institutions and business community should look at ways how this will disadvantage us. Graduation from LDC means we will eventually only lose preferential trade quotas and GSP benefits in our main markets (US and EU). Is Bangladesh ready? That question yet has no clear-cut answer.
Bangladesh was supposed to graduate on 2024 but UN has done it in 2021. I am a bit surprised to see the news when Bangladesh was lobbying to keep LDC benefit for 10 more years even after graduation.
 

Pakistan Space Agency

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I don't get this.

How is It that Pakistan with a nominal GDP of around $270 billion (reduced from $312 billion in 2018) is considered a developing country but Bangladesh, with it's recent rebasing now has a Nominal GDP of over $400 billion, is still considers as a least developed country?
 

Black_cats

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I don't get this.

How is It that Pakistan with a nominal GDP of around $270 billion (reduced from $312 billion in 2018) is considered a developing country but Bangladesh, with it's recent rebasing now has a Nominal GDP of over $400 billion, is still considers as a least developed country?
Because Bangladesh had joined the LDC group back in 90s to get all its benefit but Pakistan choose not to join it as it would hurt their image being a least develop country. It is the reason why Pakistan is not a LDC country but Bangladesh is. Bangladesh is lobbying to keep the benefit of LDC countries until 2037 even if it graduates from LDC but here UN proposed to give the benefit until 2026 and asked Bangladesh to graduate before 2024 due date. This is concerning.
 

mb444

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I don't get this.

How is It that Pakistan with a nominal GDP of around $270 billion (reduced from $312 billion in 2018) is considered a developing country but Bangladesh, with it's recent rebasing now has a Nominal GDP of over $400 billion, is still considers as a least developed country?

Because LDC was a definition that was adopted in the 70s. At that time countries with large population was given the choice to self designate themselves as developing or LDC.

Pakistan and india self designated themselves as developing whilst BD did not hence was grouped with LDCs.
 

PoondolotoPandalum

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Because LDC was a definition that was adopted in the 70s. At that time countries with large population was given the choice to self designate themselves as developing or LDC.

Pakistan and india self designated themselves as developing whilst BD did not hence was grouped with LDCs.

Yup

The entire subcontinent was an LDC by any criteria if one looked at the average GNI, Literacy rate, Infant mortality, hunger index, poverty, etc etc.

The UN defines LDC by three main criteria. HAI, EVI and GNI.

Bangladesh surpassed Pakistan in HAI in the late 2000s.


It overtook Pakistan in EVI in 2004.

Only GNI was lagging behind, until about 2015. And that only happened because Bangladesh took care of human development first. And that's probably the no1 component of Bangladesh's "success" story.

Now the problem is, instead of seeing it as an opportunity, certain cowards in our country can't imagine a scenario where Bangladesh has to compete on an even playing field, without LDC privelages.

I think our private sector might have more balls though.
 
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mb444

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That is actually not good news.
Staying on the list of LDC can get a lot of economic preferential treatment.

Whilst this is true there are no rich and prosperous LDC. Sooner or later we need to come out of it. There would be some systemic shocks but i would rather BD experiences middle income trap then languish at the bottom.

There are challenges but also opportunities.
 

Bilal9

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I don't get this.

How is It that Pakistan with a nominal GDP of around $270 billion (reduced from $312 billion in 2018) is considered a developing country but Bangladesh, with it's recent rebasing now has a Nominal GDP of over $400 billion, is still considers as a least developed country?
Leadership wanted to keep it that way. Trade benefits.
 

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