The World Bank has also been the largest external funder of Bangladesh providing over a quarter of all foreign aid to the country. The World Bank through its concessional lending arm-the International Development Association (IDA)-has committed more than $28 billion in grants, interest-free and concessional financing credits to Bangladesh. The World Bank has been a longstanding partner of Bangladesh since its independence. To do so, Bangladesh will need to remove the barriers to higher growth posed by low access to reliable and affordable power, poor transportation infrastructure, limited availability of serviced land, uncertain and complex business regulation, rapid urbanization and vulnerability to climate change and natural disasters, among others. The World Bank has identified job creation as the country’s top development priority. The country is at an important juncture: with the right policies and timely action, it can move up within the middle-income bracket. While the income growth, human development and vulnerability reduction efforts to date have been extraordinary, Bangladesh faces daunting challenges with about 22 million people still living below the poverty line. Improving infrastructure as well as the business climate would allow new productive sectors to develop and generate jobs.īangladesh is both an inspiration and a challenge for policymakers and practitioners of development. To achieve its growth aspiration of becoming an upper-middle income country by its 50th anniversary in 2021, the country needs to urgently implement structural reforms, expand investments in human capital, increase female labor force participation, and raise productivity through increased global value chain integration. Insufficient planning and investment have resulted in increasingly severe infrastructure bottlenecks. Sustained economic growth has increased the demand for energy and transport, and spurred urbanization.
In 2018, Bangladesh met the eligibility criteria for graduation from the United Nation’s Least Developed Countries (LDC) list, and is on track to graduate in 2024. Rapid growth enabled Bangladesh to reach the lower middle-income country status in 2015.
#Kcnscrew 11 15 2018 plus
Progress was underpinned by 6 percent plus growth over the decade and reaching to 7.3 percent in 2016/2017, according to official estimates. In parallel, life expectancy, literacy rates and per capita food production have increased significantly. Based on the international poverty line of $1.90 per person per day, poverty declined from 44.2 percent in 1991 to 13.8 percent in 2016/17. Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth.
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