According to the Least Developed Countries (LDCs) Report 2011: The Potential Role of South-South Cooperation for Inclusive and Sustainable Development prepared by the United Nations Conference on Trade and Development (UNCTAD) on 17 November 2011, Bangladesh has done better than many other LDCs in terms of overall development scenario particularly in economic vulnerability category. Bangladesh also remained the highest recipient of remittance among LDCs, according to the report. The report was unveiled by CPD on behalf of UNCTAD. Dr Fahmida Khatun, Head of Research, CPD presented the highlights of the report.
The report informed that Bangladesh’s per capita Gross National Income (GNI) stood at USD 640 against the threshold of USD 905, Human Asset Index stood at 53.3 against the threshold of 60, which is good. But the country requires to raise her GNI and improve Human Asset Index further to achieve the status of a developing country.
UNCTAD report predicted a slow plunge in short and mid-term economic growth of the LDCs due to ongoing economic crisis. In order to upgrade their economies, the report recommended increase of trade and investment through South-South cooperation that would enhance their productive capacities. It also said that the LDCs cannot use their capacities and realise their economic potential in an absence of financial resources and technology. In view of this, the report called for channeling 1 per cent of the USD 3.5 trillion foreign exchange reserve to the LDCs that developed countries are holding as Sovereign Wealth Fund (SWF) to help them invest and build capacities.
Professor Mustafizur Rahman, Executive Director of CPD said this report will help the LDCs to press for the duty-free quota-free access to developed economies and aid for trade in the then upcoming Eighth WTO Ministerial.