Bangladesh's graduation from the Least Developed Country (LDC) status is a significant achievement in its journey towards economic prosperity and social development. The country's economic progress has been remarkable, with GDP growth averaging 6.5 per cent per year between 2010 and 2020, outpacing the global average. However, graduation may lead to the gradual phasing out of preferential trade agreements, posing challenges for certain export sectors, particularly the garment industry.
Social and human development indicators have also made significant strides in Bangladesh, with significant gains in healthcare, education, and poverty reduction. The infant mortality rate has declined from 52 per 1,000 live births in 2010 to 28 per 1,000 in 2022, reflecting improvements in healthcare infrastructure and access to services. Education has also seen a rise in literacy rates among adults aged 15 and above, but challenges persist in ensuring quality education and addressing gender disparities.
As Bangladesh transitions to a middle-income country, it must confront environmental challenges exacerbated by rapid industrialisation and urbanisation. The country is vulnerable to climate change impacts, including rising sea levels, cyclones, and erratic rainfall patterns. Bangladesh ranked seventh in the list of countries most affected by climate change between 2000 and 2019.
Growth opportunities include diversifying its economy, investing in infrastructure, and emerging as a regional economic powerhouse. The government's Vision 2041 aims to transform Bangladesh into a developed and prosperous nation by investing in infrastructure, human capital, and innovation. Investments in sectors such as technology, agriculture, and tourism can fuel economic growth and create employment opportunities for the burgeoning youth population. Strategic partnerships with international donors, development agencies, and the private sector can facilitate the transition to a more sustainable and inclusive economy. The authorities must make a concerted effort to prepare Bangladesh to meet the post-LDC graduation challenges.
Maliha Mahfuz
BBA in Finance and MIS
North South University
maliha.mahfuz@northsouth.edu