B’desh may become MI nation in 17 years: UN


Dhaka, August 18:

Bangladesh is expected to graduate from the Least Developed Countries (LDCs) group to a middle income (MI) country in the next 17 years if it sustains a growth rate between 6.5 and 6.7 per cent, a UN report said.

The Centre for Policy Dialogue (CPD) — a Bangladesh think tank — released the report titled ‘UNCTAD LDC Report 2008: Growth, Poverty and the Terms of Development Partnership’ in Dhaka last last Thursday.

Mustafizur Rahman, CPD executive director, released the report.

The United Nations Conference on Trade and Development (UNCTAD) report, however, pointed out that Bangladesh’s current moderate economic growth

riding mainly on export of low technology manufactured goods like readymade garment might not sustain if its export basket is not diversified.

The report said soaring food and oil prices, frequent natural calamity, growing inequality are major roadblocks in the way of achieving the millennium development goals. Bangladesh is the largest food importer among the 49 LDCs, the report said.

Bangladesh’s GDP growth in the past fiscal (July 2007 to June 2008) is estimated to be 6.2 per cent, lower than the target of seven per cent, due to negative influence caused by floods as well as cyclone Sidr last year.