BD needs to diversify its export markets and step up investment
Economic Report :
After several decades of sustained progress, Bangladesh is looking to step up its economic model to ensure sustainable and smooth graduation from the least developed country (LDC) status – with support from UNCTAD and its global partners.
The joint report entitled “Production Transformation Policy Review (PTPR) of Bangladesh”, launched on 12 September, explores ways to support the nation’s aspiration to exit the LDC category in 2026 and become a high-income nation through industrialisation by 2041.
It also highlights the country’s assets, including its strategic geo-location and the government’s commitment to diversifying the economy.
The report launched in the country’s capital Dhaka comes after a 20-month consultative process between the Bangladeshi government and the Organisation for Economic Co-operation and Development through the PTPR tool, which advises governments on strengthening their economies in response to major global trends.
UNCTAD and the European Union also supported in-depth policy review and consensus building for the PTPR of Bangladesh.
“Bangladesh has a vision of what it aspires to be – an economically developed, socially inclusive and environmentally sustainable high-income economy,” said UNCTAD Deputy Secretary-General Pedro Manuel Moreno in his message for the report launch.
“We stand ready to support the country on this journey and are convinced that Bangladesh has the vision and determination to achieve its goals.”
Five decades of development strides
Bangladesh has achieved impressive progress since its independence in 1971, the report notes.
The country has shifted from an economy marked by extreme poverty and famine to the third global manufacturing powerhouse for ready-made garments – just after Vietnam and India.
Manufacturing plays a central role in Bangladesh’s economy.
Between 2000 and 2022, value added from the sector almost doubled as a share of GDP, up from 11 per cent to 22 per cent.
