Bangladesh aims high-income status by 2041 with support from UNCTAD

14 Sep '23

2 min read

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Insights

The 'Production Transformation Policy Review (PTPR) of Bangladesh' report, supported by UNCTAD and global partners, guides Bangladesh in its ambition to transition from a least developed country (LDC) to a high-income nation by 2041.
The report emphasises economic diversification, leveraging digital technologies, and fostering international partnerships.

After several decades of sustained progress, Bangladesh is now looking to reshape its economic model to facilitate a smooth transition from its current status as a least developed country (LDC) to a high-income nation through industrialisation by 2041, with backing from United Nations Conference on Trade and Development (UNCTAD) and its global partners.

A collaborative report titled ‘Production Transformation Policy Review (PTPR) of Bangladesh’ was launched on September 12, 2023, seeking to outline the path Bangladesh should take to exit the LDC category by 2026 and reach a high-income status within the next two decades. The noteworthy assets accentuated in the report include Bangladesh's strategic geo-location and the government's steadfast dedication to economic diversification, UNCTAD said in a press release.

This decisive report, unveiled in the nation’s capital, is the culmination of a 20-month consultative process that saw the Bangladeshi government working closely with the Organisation for Economic Co-operation and Development through the application of the PTPR tool. This apparatus serves to guide governments in fortifying their economies in adherence to significant global trends. The comprehensive policy review and consensus building for the PTPR of Bangladesh also saw considerable assistance from UNCTAD and the European Union.

One of the pivotal points the report underscores is the pressing necessity for economic diversification and bolstering resilience. To sustain growth, Bangladesh must pursue a diversified production structure and export strategy while addressing its vulnerability to natural calamities and fluctuations in global commodity markets.

To maintain its pace towards LDC graduation, Bangladesh requires a revamped domestic policy that aligns with the international rules applicable to developing nations. The potential benefits of reinvigorated international partnerships to reinforce development efforts have also been highlighted, emphasising enhanced business dialogues and bridging gaps in both physical and digital infrastructure.

Moreover, leveraging digital technologies in business operations remains crucial, urging a revisit and possible amendments to the 2018 Digital Security Act to modernise the regulatory framework. The report also calls upon international allies to forge new partnerships focusing on inclusive and sustainable development, and supporting the green transition in Bangladesh's industries and energy sectors.

ALCHEMPro News Desk (DP)

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