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1 Ans Graduation from LDC Status, Challenges and benefits - Focus writing for competitive examination

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"Graduation from LDC Status "


Bangladesh is going to compete in the second review of a UN panel next year for graduation to a developing country from a least developed one as it met all the three criteria for getting out of the LDC bloc.


Bangladesh has already sent the latest status report on the three eligibility criteria -- Gross National Income (GNI) per capita, Human Assets Index (HAI) and Economic Vulnerability Index (EVI) -- to the UN Committee for Development Policy (CDP) that makes assessment for the graduation on the basis of the indices.


In all the three criteria, Bangladesh is well ahead of the required thresholds. It has performed better in two categories -- GNI and HAI -- than that in 2018 when it got the first recommendation from the CDP for graduating to a developing country.


However, the country's position in the third criterion fell, yet it's much above the required threshold.


The UN committee took data from March 2018 to April,2020 as per the timeframe it set for assessing Bangladesh's progress in its second review. This means the impact of the Covid-19 pandemic on the country's economy has not been taken into account.


A country must exceed the threshold on two of the three criteria in two consecutive triennial reviews to be considered for graduation.


According to the UN's graduation threshold, the GNI per capita of a country has to be $1,230 or above. Bangladesh's GNI per capita is now $1,640 -- well above the ceiling. The per capita income was $1,272 during the last triennial review in 2018.


In terms of the HAI, a country must have a score of 66 or above. Bangladesh has performed better than it did in 2018 as its score has risen to 75.3 from 72.8. The HAI is an indicator of nutrition, health, adult literacy and secondary school enrolment rate.


In the EVI criterion, a country's score has to be below 32. Bangladesh's score is 27.3 against 25 two years ago.


The EVI is a composition of some indicators such as instability of agricultural production and exports of goods and services, population size, and share of agriculture, forestry and fisheries in gross domestic product. The lower a country scores in this index the better it performs.


If the country maintains its position in all the three categories for the next three years, it will be recognised as a developing country in the UN General Assembly in 2024.


Challenges & Benifit this issue:


If Bangladesh gets out of the LDC bloc in 2024, it will be given a three-year transition period before it loses duty-free and quota-free market access to the European Union under the Everything but Arms initiative for LDCs, according to the CDP.


The benefits of technical cooperation and other forms of assistance such as fund support for scholarship, fellowship, participation in special training as well as research will be withdrawn. The scope for credit accessibility will also be reduced.

 also mentioned that the UN may extend the transition period by two more years till 2026, considering the impacts of the pandemic on the economy.


According to an impact assessment on LDC graduation by the Planning Commission last year, the country would lose $7 billion in export earnings every year after the end of the transition period.By 2031, the amount would balloon to $13 billion.

        

Bangladesh is in talks with international bodies, such as the LDC Group of the World Trade Organisation, for export duty waivers on its products, added the officials.

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Answered by AL MaMun (4 Golds) one week ago

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