Bangladesh's image will shine out amidst the global community on the back of the United Nations recommendation for its status graduation from a least-developed country to a developing nation. But there will be some challenges for the economy after it achieves the new status, said experts. So, the country should give its all-out efforts to tackle the challenges during the
Staff Correspondent,
bdnews24.com Ahsan H Mansur KAS Murshid
Bangladesh should prioritise competitiveness and diversification of exportable products as the country has received the UN recommendation for elevation from a least developed nation to a developing one, analysts say. );
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After the formal graduation, Bangladesh will lose the benefits enjoyed by the LDCs, such as soft loans and export facilities. It can, however, enjoy those benefits during the five-year preparatory period.
Under the current rules, Bangladesh will enjoy duty-free access to the European Union market for three more years after 2026.
Speaking to bdnews24.com on Saturday, researcher Ahsan H Mansur said the government should now pay more attention to bilateral free trade agreements and ditch protectionist policies.
Country’s food production plan not nutrition-sensitive
Experts say at discussion on nutritional challenges
Photo: Star/File Staff Correspondent Staff Correspondent
As the pressing issue of malnutrition casts a shadow over the country s public health situation, experts suggest the government take necessary measures to ensure nutrition in food.
This, they said, is especially important following the adverse impact of Covid-19 on the country s economy, which might lead to a rise in the number of stunting and wasting cases in children.
They also underscored the need for co-operation to ensure proper data collection on malnutrition, as Bangladesh lacks sufficient data on the issue.
Small garment factories struggling to stay afloat
The dearth of work orders from international retailers and brands to small and medium-sized garment factories is so acute that many entrepreneurs are looking for buyers to sell units and exit the industry for good.
The fallouts of the coronavirus pandemic have brought the SME garment units to their knees as orders collapsed with the global drop in sales.
The units of the apparel industry, considered the lifeline of Bangladesh s economy, had faced abnormal delays in payment from buyers, order cancellations and suspensions and non-availability of loans from the stimulus package.
However, the large garment factories in this top export earning sector are faring better to some extent when it comes to getting orders, thanks to better coping mechanisms stemming from their large production facilities and ability to make shipments on time.
Inequality threat to economic progress
Warn economists at PPRC discussion
Photo: Reuters Star Business Report Star Business Report
Bangladesh s economy has progressed a lot in the past five decades in a multitude of ways but the rise in inequality has become a great challenge to kick it into high gear, said economists on Saturday.
There are distinct uncertainties over whether the economy will be able to sustain the past growth momentum of seven to eight per cent in the years to come, they told a discussion.
The Power and Participation Research Centre (PPRC) organised the discussion on Turning Points in the Economy , which is the fourth episode of a series of policy dialogues titled Ajker (today s) Agenda .