Elevation of the country\\\'s economic status

Bangladesh's cherished national goal of reaching the status of a middle-income country (MIC) is now quite close to being fulfilled. The World Bank (WB) has already classified Bangladesh as a lower MIC on the basis of its per capita GNI (gross national income). This indicates strongly to Bangladesh's chances of achieving the status of a MIC by the targeted year 2021 or even earlier.  It is a positive development about the nation's journey towards prosperity and is, indeed, something to rejoice over. However, the gaining of the lower MIC status by Bangladesh is no surprise development. The annual economic growth rate it has been scoring for last two and a half decades since 1991, is a pointer to that fact.
Besides, the expanding overall economic activities, the steadily growing remittance earnings, the rise in government's annual budgetary expenditures, etc., are demonstrative of a steadily rising GNI of the country. Otherwise, the size of the national budget could not have reached nearly Tk. 3.0 trillion in the current fiscal from that of only Tk. 4.7 billion in 1972-73. While rejoicing over the elevation of Bangladesh's economic status, in terms of GNI, it is important to keep in mind the fact that the rise in GNI does not necessarily mean any substantive change in its current status of a least developed country (LDC) under the classification followed by the agencies of the United Nations. However, its current elevated status under the World Bank's criteria is significant; Bangladesh will enjoy, from now on, some respect from international creditors and investors. It is thus important to cash in on the latest change in the country's status.
However, the image-brightening status brings along with it a few challenges. Many donors, bilateral or multilateral, might feel tempted to make their lending a little bit harder because of Bangladesh's better paying capacity. So, the policymakers would have to toil more than before to mobilise funds in the form of soft or concessional loans for improving the much-needed infrastructure facilities and carrying out other development works. The still-intact LDC status might otherwise prove handy in their task. What would really be more meaningful and therefore substantial for Bangladesh's graduation from its current LDC status is the gaining of enough strength to withstand both internal and external shocks efficiently. Accomplishing it will require qualitative improvements in economic governance and functioning of institutions.
In its latest disclosure about the elevation of status of Bangladesh, in terms of GNI, the WB has made it pointedly clear that this does not make any substantive change on the ground as far as the economic status of all sections of its population is concerned. The poor remains poor as he or she was yesterday. Rather a few worries have lately got currency about the rising inequality in society, following the continuous growth in GNI.  Though the rate of poverty has been declining at a steady rate over the last two and a half decades, the income inequality has, in fact, widened further. The Gini coefficient measurements, carried out from time to time, do confirm this fact. On this count, well-designed plans, having appropriate or specific societal targets and meticulously drawn-up developmental goals, are critically important to enable the country to untag its existing LDC status and to narrow the income inequality across the board. Accomplishing such objectives will largely depend on creating a synergy for ensuring an environment that promotes good governance, transparency and accountability.