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BD among 5 top growth achievers among 45 LDCs in 2017: Unctad

The Daily Dawn

The United Nations Conference on Trade and Development (Unctad) has said only five countries, including Bangladesh of the 45 LDCs, achieved economic growth at 7 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 in 2017.

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

All other LDCs recorded current account deficits of varying sizes, ranging from less than one percentage point of GDP - Bangladesh and Nepal - to more than 25 percent in the cases of Bhutan, Guinea, Liberia, Mozambique, and Tuvalu.

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 47 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."

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