Focus on challenges to escape mid-income trap
United Nations Assistant Secretary-General Haoliang Xu yesterday suggested Bangladesh to focus on many challenges including inequality and climate change to escape the middle-income trap.
It also called upon Bangladesh to focus on necessary structural transformation, innovation, increasing productivity and improving governance.
For all latest news, follow The Daily Star's Google News channel. "This is a significant achievement. And definitely Bangladesh is on the right track to address the challenges ahead," he told a small group of journalists.
The UN official, however, said there is still lot to do as Bangladesh is embarking on a new chapter in its development with the expectations of continued strong economic growth.
Xu further expressed confidence that the country will be able to make the current achievements sustainable and become a developing country officially.
He said Bangladesh will lose some of its benefits as LDC country after graduation, but will be entitled to many others after formal graduation.
Xu added successful graduation from LDC means Bangladesh is giving a strong message that the country is a booming economy and right place for investment.
He said Bangladesh has reached a significant milestone in meeting all the criteria for graduating from the Least Developed Country status.
"Based on current estimates and with sustained progress, it'll graduate in 2024," said the UN Development Programme's Regional Bureau for Asia and Pacific.
"We need to continue to work together with the government and other partners for a smooth transition to graduation and to achieve the Sustainable Development Goals by 2030," Xu added.
The government of Bangladesh invited UNDP Administrator Achim Steiner to participate in a series of celebratory events around its prospective graduation from Least Developed Country status. Representing Steiner, Xu visited Bangladesh from March 22-25.
Other speakers at these events included United Nations Under Secretary-General Fekitamoeloa Katoa Utokamanu, Secretary-General's High Representative for LDCs, Land-locked Development Countries and SIDS.
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