Least Developed Countries: Bangladesh among top five growth achievers: Unctad

The United Nations Conference on Trade and Development (Unctad) has said that of the 45 LDCs, only five countries including Bangladesh achieved economic growth at seven percent or higher in 2017.

The four other countries are Djibouti (+7pc), Ethiopia (+8.5pc), Myanmar (+7.2pc), and Nepal (+7.5pc) while Bangladesh achieved +7.1pc growth that year.

The analysis contends that too many LDCs remain dependent on primary commodity exports.

Resources sent by individuals to LDCs as a group (remittances) totalled $36.9 billion in 2017, down by 2.6 percent compared to the peak of $37.9 billion in 2016.

In absolute terms, the largest recipients of remittances among LDCs included Bangladesh ($13.6 billion in 2016), Nepal ($6.6 billion), Yemen ($3.4 billion), Haiti ($2.4 billion), Senegal ($2 billion) and Uganda ($1 billion), according to Unctad.

Economic development in the world's most-disadvantaged countries -- mostly in sub-Saharan Africa -- is stalling against the background of a lukewarm global recovery, risking widening inequality, new analysis from Unctad has revealed.

Data suggests that the least developed countries (LDCs), a long-established category of nations requiring special attention from the international community, will fall short of goals set out in the 2030 Agenda for Sustainable Development unless urgent action is taken.

"The international community should strengthen its support to LDCs in line with the commitment to leave no one behind," Paul Akiwumi, director of Unctad's Division for Africa, Least Developed Countries and Special Programmes, said.

"With the global economic recovery remaining tepid, development partners face constraints in extending support to LDCs to help them meet the Sustainable Development Goals."

GDP growth rates will likely continue to fall short not only of their 2002-2008 average, but also of their 2010-2014 levels, Akiwumi said.

The analysis highlights that LDC growth averaged just 5 percent in 2017 and will reach 5.4 percent in 2018 -- below the target of 7 percent growth envisaged by target 1 of Sustainable Development Goal 8 on promoting sustained, inclusive and sustainable economic growth.

While international prices for most primary commodity categories have trended upwards since late 2016, this modest recovery barely made a dent to the significant drop experienced since 2011, particularly in the cases of crude petroleum and minerals, ores and metals.

In 2017, the LDCs as a group were projected to register a current account deficit of $50 billion, the second-highest deficit posted so far, at least in nominal terms.