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Thursday, November 27, 2014, Agrahayan 13, 1421, Safar 3, 1436 Hijr

Diversify economy, export to create jobs: CPD
Observer Online Desk
Publish Date : 2014-11-27,  Publish Time : 22:16,  View Count : 23
Bangladesh needs to formulate dynamic industry, trade and monetary policies for structural reforms of economic and human development to be a middle income country.

Centre for Policy Dialogue (CPD) on Thursday made the recommendation at a press conference at CIRDAP auditorium over the UNCTAD report on LDCs.

The civil society think-tank also said the government should provide assistance to the potential industrial sector similarly with the other developed sectors, which would help the country to graduate LDCs.

It opined if Bangladesh put concentration only on per capita income to graduate LDC, it may fail to continue the achievement, as still more than half of the population are engaged on agriculture which requires maximum labour but produces less.

So, the country should move toward economic diversification and human resource development to generate institutionalized employment, added CPD.

The United Nations Conference on Trade and Development (UNCTAD) yesterday released the Least Developed Countries (LDCs) Report-2014 that has suggested the LDC economics to achieve structural changes and reduce economic vulnerability.

A total of 48 countries including Bangladesh are currently designated by the UN as LDCs.

Towfiqul Islam Khan, CPD Research Fellow, made a detail presentation on the UNCTAD report while CPD Distinguished Fellow Dr Debapriya Bhattacharya and its Executive Director Professor Mustafizur Rahman explained different aspects of the report.

According to the UNCTAD report, the CPD said Bangladesh could not able to graduate LDC in 2015 meeting the Millennium Development Goals (MDGs) despite strong economic growth.

To graduate the LDC in 2015, Bangladesh has to improve per capita income to US$ 1242, Economic Vulnerability Index (EVI) criteria to 32 and Human Assets Index (HAI) criteria to 66.

The report said in all LDCs, employment in services rose, but labour productivity in services remained stagnant.

Debapriya said Bangladesh is lagging far behind in employment generation although it has done well in social development.

He said Bangladesh has to generate employment in institutional sectors rather uninstitutional services.

The veteran economist also suggested diversifying the economy and export basket as well as human resources development for the post LDCs.

Mustafizur Rahman said if the LDCs couldn’t bring structural changes in economy, they would fail to attain sustainable development goals (SDGs).

The CPD executive director also emphasized on the economic diversification and human resource development of Bangladesh to make sure that the country would contain the graduation from LDCs convincingly.


Editor : Iqbal Sobhan Chowdhury
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