Least developed countries need structural transformation to achieve UN SDGs: Bangladesh expert
The critical condition for the Least Developed Countries (LDCs) to achieve the Sustainable Development Goals (SDGs) is that their economies undergo structural transformation, an expert said here Wednesday, reports Xinhua.
Towfiqul Islam Khan, senior research fellow of leading Bangladeshi think-tank Centre for Policy Dialogue (CPD), said the challenge for developing countries is to finance investment and technological upgrades for structural transformation, while maintaining a sustainable balance of payment outcome.
The persistent shortfall in domestic savings makes LDCs heavily dependent on external development finance, especially official development assistance (ODA), he added.
The CPD expert made the remarks in a paper presentation at the launch of “The Least Developed Countries Report 2019: The present and future of external development finance – old dependence, new challenges” in Dhaka.
Centre for Policy Dialogue (CPD) unveiled the report on behalf of the United Nations Conference on Trade and Development (UNCTAD).
The leading local think-tank since 2006 has been launching the UNCTAD LDC report, which highlights the status of economic development and related challenges and opportunities for the countries in the LDC group.
According to the report, Bangladesh has fulfilled the eligibility requirements to graduate from “Least Developed Country” to “Developing Country” status.
“Three Asian countries were found pre-eligible. They are Lao People’s Democratic Republic (income and human assets), Bangladesh and Myanmar (income, human assets and economic vulnerability),” said the report. Endtiem