Steps toward Smooth Graduation of Bangladesh from Least Development Countries

Abstract

Purpose: Bangladesh is one of the least developed countries of the world according to the Committee of Development Policy, a panel of the UN General Assembly. This study aims to explore the status of economic graduation and development of Bangladesh from the Least Development Countries (LDC) category to Middle Income Country (MIC). This study intends to contribute the debate regarding the graduation status of Bangladesh and briefly clarifies the difference of classification by highlighting implementation challenges, obstacles after graduation, preparedness and measures for gaining better graduation. Methodology: A qualitative approach has been used in this study. This study is based on secondary data obtained from various reliable sources. The study also has consulted various policy papers, journal articles, report and working papers of international organizations. Results: The study reveals that the country has attained the three-vulnerability criteria- GNI per capita, Human Asset Index, and Economic Vulnerability Index (EVI) for graduating the LDC status. According to the procedure, Bangladesh has been declared a time of three years period from 2018 to 2021 for upgrading the current progress. Originality/Value: This study also focuses on the benefits of crossing the least development country (LDC) line, the implications of the economy in middle income country (MIC) status and the risk factors. Practical implications: The study suggests that a continuous effort should be given by the government by gaining experience from another developed country to reduce risk factors to ensure sustention of current progress not only for the observation period but also for extensive development.