Bangladesh set to overtake India in 2020 per capita GDP
Bangladesh is set to overtake India in terms of per capita GDP in 2020 owing to a steep contraction in the economy as a result of coronavirus lockdown.
According to International Monetary Fund (IMF)-World Economic Outlook (WEO), Bangladesh is going to pip India as its per capita GDP in dollar terms is likely to expand 4 per cent in 2020 to $1,888.
Meanwhile, India’s per capita GDP is expected to slump 10.5 per cent to $1,877, which is the lowest in the last four years. The GDP number for both countries is at current prices.
Reportedly, India would be the third poorest nation in South Asia, with only Pakistan and Nepal reporting lower per capita GDP, whereas Bhutan, Bangladesh, Maldives, and Sri Lanka would outpace India.
Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.
Rahul Gandhi tweeted today, “Solid achievement of 6 years of BJP’s hate-filled cultural nationalism. Bangladesh set to overtake India.”
India’s projected slump is the largest of any major economy except for Italy and Spain, and the biggest among the main emerging markets.
Among the other countries in the BRICS group, Brazil’s economy will contract 5.8 per cent, Russia 4.1 per cent, South Africa 8.0 per cent while China will grow 1.9 per cent, according to the IMF’s report.
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