Bangladesh needs to adopt twin strategies for sustainable LDC (least developed country) graduation so that it can avert possible adverse impacts, an economist said on Thursday.
To avoid the adverse impacts, Dr Debapriya Bhattacharya suggested developing a comprehensive agenda for transitional international support measures for graduating LDCs beyond the preference period.
"No other country in the LDCs except Bangladesh has the capability to place the demand for LDCs and it is Bangladesh's historical responsibility to lead the process," Mr Bhattacharya told reporters in a virtual discussion.
At the same time, the country needs to develop and implement an augmented LDC graduation strategy in coordination with SDGs, 8th five year plan and the perspective plan, he said.
"These are the two things we need to concentrate on right now," he said, highlighting the importance of improving the effectiveness of the current institutional arrangement for better outcomes.
He said Bangladesh's progress will be reviewed next year by the Committee for Development Policy, a UN body.
In that review, the country is expected to fare well because of its good performance on all three criteria, the distinguished fellow of Centre for Policy Dialogue (CPD) said.
The criteria are GNI (gross national income) per capita, HAI (human asset index) and EVI (environmental vulnerability index).
Comparing the 2018 and 2020 values, he said, GNI per capita has increased significantly while HAI score has also improved. EVI slightly deteriorated but still remains much below the threshold.
"I think Bangladesh will positively be placed in the review and it is what the government is looking for," he said.
But the graduation will have serious implications for the market access preferences for exports, subsidies for agriculture, compliance with international property rights and the payment of institutional fees, he said.