The UN body's report came after a series of disasters, including the collapse of the poorly maintained Rana Plaza factory complex in April that killed 1,135 people in one of the world's worst industrial accidents.
The International Labour Organisation (ILO) report said safer working conditions and fairer wages are vital.
"Unless a comprehensive set of labour market and social policies are introduced, Bangladesh will be unable to maintain its economic momentum and improve living standards in a sustainable way," the report said.
Bangladesh is the world's second-largest garment exporter with over 4,500 factories which account for nearly 80 per cent of the country's USD 27-billion annual exports paying a worker the minimum wage of USD 38 a month.
The ILO report said that Bangladeshi garment workers earn less than their colleagues in Cambodia, Vietnam, India or Pakistan, and that the minimum wage has been adjusted there only three times in almost 30 years, the BBC reported.
Earlier this month, Bangladesh's wage board proposed raising the minimum salary for garment industry workers by 77 per cent to 5,300 takas (USD 68.42) a month.
However, the proposed increase was less than what unions had demanded leading to various strikes in recent weeks by garment workers demanding higher wages and safer working conditions.
