GED member Shamsul Alam tells briefing
The government is currently assessing the economic losses and gains after graduation from least developed country status to a developing nation five years later with the view to setting precautionary measures to continue annual gross domestic product (GDP) growth.
Shamsul Alam, member, General Economics Division (GED) of the Planning Ministry, said this at a press briefing at the Planning Division on Tuesday. Planning Minister MA Mannan was also present.
He mentioned that as the graduation would end trade benefits like GSP (Generalized System of Preferences) in export to European Union (EU), entitlement to obtaining lowest-rate foreign assistance and grants, so it would create fresh scopes beneficial for the country's economy.
"The graduation will result in withdrawal of some benefits in trade and commerce and foreign assistance. Currently, we are assessing losses and gains so that we can have precautionary measures. We think our economy resilient enough to deal with any magnitude of pressure that may come up," Shamsul Alam stated.
The briefing was on the outcome of attending the Senior Level Meeting (SLM) of High-Level Political Forum (HLPF) of Global Partnership for Effective Development Co-Operation (GPEDC), a platform of the UN agenda on achieving Sustainable Development Goals (SDGs) 2030, held in the U.S this month.
Shamsul Alam said the United Nations would carry out the second evaluation in 2021 to put forward its recommendations over Bangladesh's graduation at the general assembly in 2024. "We want to qualify for the graduation and our government is working on this," he added.
He told the briefing that the World Bank (WB) meanwhile recognized Bangladesh's graduation endeavors from lower income country category to lower-middle income status in March 2018 after per capita gross national income stood at $1,909 at the end of last financial year, which was $1,751 in the previous fiscal.
According to WB Atlas Method criterion, per capita income threshold is $1,046 for graduation from lower income country. Bangladesh reached well above the threshold in 2015.
He said Bangladesh should open more investment opportunities for the private sector and take steps to raise public-private partnership in order to achieve the middle income country status by its stipulated periods, 2024.
Among others, Planning Division Secretary Md Nurul Amin and Economics Relations Division Secretary Monower Ahmed were present.