UNGA resolution on graduation of Bangladesh

One more step ahead to become a developing country

Published : 26 Nov 2021 09:49 PM

It is encouraging to note that the United Nations General Assembly (UNGA) has approved a resolution to allow Bangladesh for graduation to the developing country grouping from the least developed country (LDC) category.

Experts opine that, this is a remarkable landmark in the development journey of Bangladesh. This is an international recognition of the indomitable progress achieved by Bangladesh under the direction of  Prime Minister Sheikh Hasina. People from all walks of life of this country have contributed to this historic success.

People from all walks of life of 

this country have contributed 

to this historic success

However, after graduation to the higher status the country will no longer enjoy the existing duty-free and quota-free facilities. We will need to address this problem and other challenges and require diversification of export and try to get better prices by improving the quality of export products. 

The government now needs to take constant policy measures to continue the positive macroeconomic trend. More foreign direct investments should be attracted and exports should be maximised so that we can maintain a trade surplus. To attract more foreign investments in our resilient garment sector, government can target the companies which are recently shifting away from China and if we can attract some of those companies, that would be a good opening to bring and diversify the economy too.

For a sustainable economic growth, the government should consider to make economic reforms in the fundamental sense. If the remaining economic complexities are removed it will bolster the already augmented GDP growth.