The UN Committee for Development Policy (UNCDP) has recommended Bangladesh’s graduation from the group of Least Developed Countries (LDCs) for fulfilling its all three criteria for the second time alongside Nepal and Lao PDR.
Taffere Tesfachew, chair of the CDP subgroup on LDCs, revealed the decision of recommendation at a briefing after the second triennial review of the UNCDP’s LDC category on Friday night.
The five-day review meeting was held on February 22-26.
Bangladesh has met, for the second time, all the three eligibility criteria of graduation like income per capita, human assets and economic and environmental vulnerability.
After the recommendation by the UN committee for Bangladesh to become a developing nation, the proposal will be sent to the United Nations Economic and Social Council (ECOSOC) for endorsement in June.
The UN General Assembly is scheduled to approve the proposal in September this year.
In view of the impact of Covid-19 pandemic on the economy, the CDP recommended that Bangladesh and two other countries get five years till 2026 to prepare for the transition to a developing country instead of three years.
Bangladesh was well ahead in the gross national income (GNI) criterion: its per capita income was nearly US$1,827 in 2020 against the threshold of US$1,230.
In the Human Assets Index (HAI), the country’s (Bangladesh) score stands at 75.3 points, well above the requirement score of 66.
In the Economic Vulnerability Index (EVI), score of a country has to be less than 32 while Bangladesh’s score is 27.3 points.