GDP : IMF || Per Capita GDP: Bangladesh To Overtake India ||
India is set to drop below Bangladesh in terms of per capita gross domestic product (GDP) this year, according to the International Monetary Fund (IMF), owing to the nationwide lockdown.
According to IMF-World Economic Outlook (WEO), Bangladeshs per capita GDP in dollar terms is expected to grow 4% in 2020 to $1,888. On the other hand, Indias per capita GDP is expected to decline 10.5% to $1,897 the lowest in the last four years. The GDP figure for both countries is at current prices.
However, Indias per capita GDP in dollar terms is expected to grow 8.2% at $2,030 in 2021, compared with an expected 5.4% growth for Bangladesh at $1,990.
Nepal and Bhutan are expected to grow their economies this year, while the IMF has not divulged Pakistans data for 2020 and beyond.
Global growth would contract by 4.4% this year and bounce back to 5.2% in 2021, the report said.
The de-growth projection comes after India reported a contraction in its GDP for the June quarter at 23.9%, making it the worst performer among G20 economies. The Reserve Bank of India last week admitted that the economy will contract 9.5% in FY21, with a mild recovery in economic activity in the March quarter.
What makes this situation even worse is that till five years ago, Indias per capita GDP was nearly 40% higher than Bangladeshs. In the last five years, Bangladeshs per capita GDP has grown at a compound annual growth rate of 9.1%, compared with 3.2% growth reported by India during the same period.
With the ongoing US-China trade war, apart from other global tensions, Bangladesh has over the years adapted to the changing landscape and has managed to grow its exports, leading to a rise in its per capita GDP growth. The country is now set to overtake India which had a significant lead over it a few years ago.
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GDP : IMF || Per Capita GDP: Bangladesh To Overtake India || India is set to drop below Bangladesh in terms of per capita gross domestic product (GDP) this year, according to the International Monetary Fund (IMF), owing to the nationwide lockdown. According to IMF-World Economic Outlook (WEO), Bangladeshs per capita GDP in dollar terms is expected to grow 4% in 2020 to $1,888. On the other hand, Indias per capita GDP is expected to decline 10.5% to $1,897 the lowest in the last four years. The GDP figure for both countries is at current prices. However, Indias per capita GDP in dollar terms is expected to grow 8.2% at $2,030 in 2021, compared with an expected 5.4% growth for Bangladesh at $1,990. Nepal and Bhutan are expected to grow their economies this year, while the IMF has not divulged Pakistans data for 2020 and beyond. Global growth would contract by 4.4% this year and bounce back to 5.2% in 2021, the report said. The de-growth projection comes after India reported a contraction in its GDP for the June quarter at 23.9%, making it the worst performer among G20 economies. The Reserve Bank of India last week admitted that the economy will contract 9.5% in FY21, with a mild recovery in economic activity in the March quarter. What makes this situation even worse is that till five years ago, Indias per capita GDP was nearly 40% higher than Bangladeshs. In the last five years, Bangladeshs per capita GDP has grown at a compound annual growth rate of 9.1%, compared with 3.2% growth reported by India during the same period. With the ongoing US-China trade war, apart from other global tensions, Bangladesh has over the years adapted to the changing landscape and has managed to grow its exports, leading to a rise in its per capita GDP growth. The country is now set to overtake India which had a significant lead over it a few years ago.