Economists and business leaders have encouraged the Government to reconsider the projected LDC graduation by 2026, claiming that the country’s policies – whether trade, fiscal, monetary, or GDP projections – have been predicated on incorrect export data, a problem that exporters have been highlighting for months.
According to the Bangladesh Bank’s most recent balance of payments data, export estimates for the first ten months of the just-finished fiscal year were overstated by roughly US $ 10 billion due to numerous entries of export shipments by the National Board of Revenue (NBR).
Experts told local media that prompt correction of such errors is crucial. These inaccuracies can damage the country’s credibility and reliability in international economic forums and lead to misguided Government estimates and policies.
Mohammad Abdur Razzaque, head of Research and Policy Integration for Development (RAPID), stated, “The Government should reconsider the decision to graduate from the Least Developed Country [LDC] status by 2026, as export earnings have declined.”
He stated that after the correction of export statistics, other growth indicators such as the export-to-GDP ratio and net export growth would also need to be amended.
“We are unaware of the methodology used for this data revision, and it should be verified to avoid another potential mistake,” added the manager.
The economist also recommends that the central bank verify its export data by comparing it to import data from destination countries.
