Bangladesh Towards Graduation

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What is LDC?

Least developed countries (LDCs) are low-income countries confronting severe structural impediments to sustainable development. The category of the least developed countries (LDCs) was established in 1971 by the UN General Assembly, with a view to attracting special international support for the most vulnerable and disadvantaged members of the UN family. There are currently 47 countries on the list of LDCs which is reviewed every three years by the Committee for Development (CDP). The establishment of the LDC category was to attract special support measures for the most disadvantaged economies, which were consistently lagging behind when compared with other developing countries. These benefits are trade related support measures including preferential treatment, bilateral and multilateral official development assistance, and general support measures including implicit subsidy for UN subscription, access to travel allowance, etc. On the other hand, many international organizations classify the countries on the basis of income, social indicators etc according to their purpose. For example, the World Bank classifies its member countries based on per capita income into four categories: low-income, lower-middle income, upper-middle-income and high-income economies for better strategizing in providing loans to different countries. However, this classification being solely based on per capita income does not necessarily reflect the true picture of the development of a country. Many countries with higher per capita income lag behind in important social indicators.