Yunus is Looking for a Way to Transition to LDC by Rejecting Sheikh Hasina’s Economic Foundation

Economy Desk

Bangladesh’s economic growth and its progress towards graduation from a least developed country (LDC) to a developing country have been a significant achievement of the Sheikh Hasina-led government over the past 15 years. However, the interim government’s chief advisor, Dr. Muhammad Yunus, and his administration have repeatedly claimed that this growth is “fake” and “manipulated.” Contrary to these claims, Bangladesh met the criteria for graduation from LDC in 2021 and 2024 and is on track to officially become a developing country in November 2026.

Sheikh Hasina’s economic legacy

Under Sheikh Hasina’s leadership, Bangladesh has entered a new era of economic stability and growth in the past decade. Bangladesh met the three UN LDC transition criteria—a per capita national income (GNI) of $1,306 or more, a Human Assets Index (HAI) of 66 or more, and an Economic Vulnerability Index (EVI) of 32 or less—in 2021 and 2024. Recognizing this progress, the UN Committee for Development Policy (CDP) recommended Bangladesh’s transition in 2026, which was later approved by the UN Economic and Social Council (ECOSOC) and the General Assembly.

Sheikh Hasina’s government has played a significant role in achieving the Sustainable Development Goals (SDGs). Bangladesh has become economically stronger through export earnings, especially in the garment industry, increasing foreign exchange reserves, poverty reduction, and investment in education and health sectors. This progress is not limited to statistics alone, but is also proven by the verification of international organizations.

Dr. Yunus’ criticism: Truth or lies?

Since taking over as chief adviser, Dr. Yunus has repeatedly claimed that the economic growth demonstrated under Sheikh Hasina is “fake.” “The economic growth that Bangladesh has achieved in the last 15 years is not real, it is fake,” he said at the World Economic Forum in Davos. “The damage that Sheikh Hasina has done has been immeasurable,” he added in an interview with the Guardian last week. “When I took over, the country was in complete ruins—like another Gaza, but not the buildings, but the institutions, the policies, the people and the international relations.”

Her special assistant Anisuzzaman Chowdhury said in a briefing on March 11, “We are trying to transition to a developing country based on false information. Our foreign dependence has increased since 2010, domestic revenue sources have decreased, and the tax-GDP ratio has fallen below 7 percent.” These statements question the acceptability of Sheikh Hasina’s economic framework. However, verified data from impartial organizations like the United Nations testifies against this claim.

A notable point is that Dr. Yunus initially thought of postponing the deadline for LDC transition. He recently told the media, “The interim government thought of postponing it, but in the end, the decision was taken to transition on time.” This proves that the economic foundation established during Sheikh Hasina’s tenure is so strong that it could not be changed or denied.

Attempt to deny Sheikh Hasina’s achievements

Criticism of Dr. Yunus and his administration seems to be an attempt to belittle Sheikh Hasina’s economic achievements. Bangladesh’s economy has grown at an average of 6-7 percent in the last 15 years, as recognized by the International Monetary Fund (IMF) and the World Bank. Sheikh Hasina’s policies and foresight have played a crucial role in meeting the three criteria required for LDC graduation. However, critics believe that Dr. Yunus is trying to cover up the failures of his own administration by calling this progress “fake.”

Under Sheikh Hasina’s leadership, Bangladesh is on a strong economic footing, setting an example to the world by graduating from LDC. Dr. Yunus’ criticism and claims of “fake” growth are at odds with internationally verified data. Many see his administration’s stance as politically motivated and an attempt to negate Sheikh Hasina’s contributions. Bangladesh’s graduation in 2026 is not only an economic milestone, but also a living testament to Sheikh Hasina’s vision.