{"id":602,"date":"2025-02-01T10:13:56","date_gmt":"2025-02-01T10:13:56","guid":{"rendered":"https:\/\/www.reflectionnewsbd.com\/?p=602"},"modified":"2025-02-01T10:13:56","modified_gmt":"2025-02-01T10:13:56","slug":"dr-zahid-emphasizes-on-ldc-graduation","status":"publish","type":"post","link":"https:\/\/www.reflectionnewsbd.com\/?p=602","title":{"rendered":"Dr Zahid emphasizes on LDC graduation"},"content":{"rendered":"
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DHAKA:\u00a0 Former lead economist of the World Bank Bangladesh Office Dr. Zahid Hussain has said Bangladesh cannot unilaterally defer its LDC graduation timeframe.<\/p>\n

\u201cThe United Nations Committee for Development Policy (UN-CDP) had recommended Bangladesh\u2019s graduation from the LDCs in 2021. This recommendation, while not automatically enforcing graduation, is seen as largely mandatory since the UN General Assembly tends to follow the CDP’s recommendations,\u201d he said.<\/p>\n

Zahid Hussain said this in a recent interview with the national news agency at his residence while sharing his insights on the country’s graduation from the Least Developed Countries (LDCs) category.<\/p>\n

Dr. Hussain noted that several countries that faced setbacks during the graduation process were granted an extended preparatory period before graduation.<\/p>\n

This provides them with additional time to address any concerns or challenges identified. Bangladesh has already availed a two year extension.<\/p>\n

Addressing reservations from the business community about Bangladesh\u2019s LDC graduation slated for 2026, Dr. Hussain clarified that once a country qualifies for graduation, the responsibility falls on them to ensure that all concerns are adequately addressed.<\/p>\n

As Bangladesh prepares for its graduation in 2026, it is imperative for the country to address the concerns of the business community and ensure a smooth transition.<\/p>\n

The renowned economist shared these perspectives providing a comprehensive view of the challenges and opportunities that lie ahead for Bangladesh from LDC graduation.<\/p>\n

Elaborating on the matter, Dr. Zahid said, \u201cNow, I think there is limited scope for deferring the country\u2019s graduation through changing data and statistics. There is also less scope for bringing down the statistics below the threshold level on per capita income, human development, and vulnerability indices,\u201d he said.<\/p>\n

Bangladesh is the first country recommended for graduation by meeting all three criteria, Dr Zahid said adding \u201cWe\u2019ll have to accept that we\u2019ll graduate, and acting on tackling the possible impact on our competitiveness. We should be prepared.\u201d<\/p>\n

In the last Ministerial Conference of the World Trade Organization (WTO) held in Abu Dhabi, the ministers decided to allow the continuation of the LDC trade benefits to the graduating LDCs for three more years.<\/p>\n

The European Union (EU) will continue the LDC trade benefits for Bangladesh up to 2029, offering a three-year grace period to the graduating LDCs.<\/p>\n

A few other countries like Canada, the UK, and Australia will also continue the LDC trade benefit for Bangladesh even after the graduation.<\/p>\n

When asked about the \u2018middle-income trap\u2019 that many are apprehending Bangladesh is already in, Dr. Zahid said if political stability and structural economic reforms are not ensured, then nothing will get us out of the trap.<\/p>\n

\u201cWe\u2019ll have to bring about necessary changes in three areas in particular- in export diversification, investment and skill development. We\u2019ve a big opportunity ahead of us which is the new economic policy of US President Donald Trump,\u201d Dr Zahid said.<\/p>\n

Under this circumstance, the multinational companies which have businesses in China are searching for alternate places to relocate their businesses …like Vietnam, Indonesia and the Philippines, he noted.<\/p>\n

Dr. Zahid said many are also talking about Bangladesh on the global stage…but Bangladesh is still not fully ready in terms of investment climate like addressing complexities in getting visas, readiness of the economic zones, and complexities of business regulation, money repatriation, and so on.<\/p>\n

\u201cIf we can become fully ready, then there could be a quantum jump in FDI and thus the door of immense opportunities would be opened,\u201d he hoped.<\/p>\n

As Bangladesh approaches this crucial transition, Dr Zahid said the government\u2019s proactive stance on economic zones is a laudable step. Instead of an ambitious plan to establish 100 economic zones, the focus has shifted to creating five well-equipped zones urgently.<\/p>\n

\u201cThis strategic move aims to provide the necessary facilities and regulatory reforms to foster a \u2018plug-and-play\u2019 environment for investors,\u201d he added.<\/p>\n

Dr Zahid observed that by streamlining business regulations and ensuring the readiness of these special economic zones (SEZs), Bangladesh can hope to attract significant foreign direct investment (FDI) and boost the country’s economic prospects.<\/p>\n

Dr. Zahid acknowledged the issues raised by the business community about their concerns over current business environment. The state of the financial sector and the inconsistent supply of gas and electricity are two major factors contributing to low business confidence to some extent, he said.<\/p>\n

The former World Bank lead economist further highlighted the challenges related to the supply of LNG. The government faces difficulties in maintaining sustainable supply while selling LNG below the buying price, he said.<\/p>\n

In the new Monetary Policy Statement (MPS), Dr Zahid said some forward guidance is likely to come in which way the central bank would run its policy and programs.<\/p>\n

\u201cWith the unveiling of the FY26 budget in June this year, he said, all will be able to know in which way the economic policy and management will move forward and then the cloud in the sky will clear.\u201d<\/p>\n

Asked whether the government\u2019s economic reforms agenda is getting less importance than other reform agendas, he said the government certainly has the realization that they would have to carry out economic reforms and there is no doubt in this regard.<\/p>\n

\u201cBut, despite having strong will, they often couldn\u2019t translate those into actions as the initiatives should have to come from the administration itself and from the concerned ministries,\u201d he said.<\/p>\n<\/div>\n

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DHAKA:\u00a0 Former lead economist of the World Bank Bangladesh Office Dr. Zahid Hussain has said Bangladesh cannot unilaterally defer its LDC graduation timeframe. \u201cThe United Nations Committee for Development Policy (UN-CDP) had recommended Bangladesh\u2019s graduation from the LDCs in 2021. This recommendation, while not automatically enforcing graduation, is seen as largely mandatory since the UN […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,3],"tags":[],"class_list":["post-602","post","type-post","status-publish","format-standard","hentry","category-banks-finance","category-national"],"_links":{"self":[{"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=\/wp\/v2\/posts\/602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=602"}],"version-history":[{"count":1,"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=\/wp\/v2\/posts\/602\/revisions"}],"predecessor-version":[{"id":603,"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=\/wp\/v2\/posts\/602\/revisions\/603"}],"wp:attachment":[{"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.reflectionnewsbd.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}