From ‘Least Developed’ to ‘Developing Country’: A Tale of Majestic Transformation

Multiple development projects and economy friendly steps taken by the government
Multiple development projects and economy friendly steps taken by the government

The birth of our beloved homeland, Bangladesh priced 03 million lives. The majestic call of Sheikh Mujibur Rahman, the long cherished desire for freedom, the sacrificing motive and the spirit for the righteousness led us to give birth an independent, sovereign country- Bangladesh. Bangabandhu always dreamt for a balanced, poverty free, justified Bangladesh, as he named it ‘Sonar Bangla’. Honorable prime minister, daughter of Bangabandhu- Sheikh Hasina is marching ahead in execution of the dream.

Bangladesh, in recent times sketched her name in the list of ‘Developing’ countries from ‘least developed’ country. This identity, for no obvious doubt, is a matter of pride and positivity. For the first time, Bangladesh acquired such global recognition in economy after being tagged as least developed country in 1976.

The prime three (03) conditions for the accreditation as ‘Developing Country’ are- per capita income, human resource development and certain quality assurances in economy. Bangladesh proudly been able to fulfil the aforementioned criteria to achieve the milestone.

Bangladesh will be eligible to claim the recognition permanently and officially if we continue the saga of development till 2021. Economic and social council of the United Nations ECOSOC (United Nations Economic and Social Council) will conduct the proceeding. After final approval and reference from the United Nations Bangladesh will be declared as a ‘Developing Country’ by 2024. However, Bangladesh to get duty free market space till 2027. As a result, for the next 09 years there will be no bad impact in our economy. Prior to that, Bangladesh sets vision to be recognized as ‘Developed Country’ by 2041.

Recently, World Economic Forum (WEF) ranked Bangladesh in the 38th place from 46th within a frontier of 74 emerging economic countries. Among 180 countries Bangladesh placed 99th position in world contending index, which is 7 steps ahead than the earlier. Bangladesh placed 47th rank among 144 countries in gender equity index, which is the highest in southern Asia for 03 consecutive years.

Per capita income, average life expectancy and others development features helped Bangladesh reaching the target in human resource index. Currently Bangladesh possesses 139th position among 188 countries in this sector. United Nations Development Program (UNDP), in their latest report expressed above statistics.

Gross Domestic Production (GDP) is one of the most important index in the economy of a country. The GDP growth rate of Bangladesh was 5.52% in the 2011-2012 fiscal year. Since then Bangladesh achieved growth rate of 7.65% margin in the fiscal year of 2017-2018. The growth rate will rise another 1.2% scale, after the inauguration of Padma Bridge in December, 2018 as predicted by the World Bank. If so, Bangladesh will secure 8% GDP growth rate by 2021. Currently, per capita income in our country is 1752 USD which was 1610 USD earlier.

Multiple development projects and economy friendly steps taken by the government contributed a lot in the rise of our GDP. When we succeed to continue our forward march, Bangladesh will achieve the title of ‘Developed Country’ by 2041- as predicted by many.