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Eminent economist Dr Debapriya Bhattacharya on Sunday said Bangladesh would lose a wide variety of preferences and privileges after graduation from least developed country (LDC) status.
He said these include loss of duty-free and quota-free (DFQF) access to export markets and shortfall to the tune of 8.0 to 10 per cent of its gross export revenue due to loss of the DFQF provision amounting to nearly US$2. 5 billion annually.
Mr, Bhattacharya, a member of the Committee for Development Policy (CDP), a body of the United Nations that recommended the LDC graduation, was speaking to the newsmen on the challenges and way forward for Bangladesh after leaving the poor countries’ club.
The Citizen’s Platform for SDGs, Bangladesh organised the virtual discussion titled ‘Bangladesh’s LDC Graduation: What Next?’
Mr. Bhattacharya, also a distinguished fellow of the Centre for Policy Dialogue (CPD), said apart from losing various market preferences, after the graduation to the non-LDC status, Bangladesh will face challenges emerged from the Covid-19 pandemic and Rohingya maintenance and repatriation have to be addressed.
Lowering inequality and ensuring good governance will also come as other major challenges, he said.
The economist recommended the government to draw up a robust LDC transition strategy for next five years and beyond.
Mr. Bhattacharya also pointed out the necessity of economic diversification, technological development and improvement in labour productivity.
(FE)
