New Delhi: 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).
According to the IMF-World Economic Outlook (WEO), Bangladesh’s per capita GDP in dollar terms is expected to grow 4% in 2020 to $1,888. On the other hand, India’s 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.
The IMF’s forecast for India, a huge downward revision from its previous prediction in June, will see the biggest contraction among major emerging markets amid the coronavirus pandemic.
According to the IMF’s ”World Economic Outlook” report released on Tuesday, India’s per capita GDP is set to plunge to $1,877 this fiscal year ending on March 31, 2021. The IMF’s previous prediction in June said output would shrink 4.5 percent. Bangladesh per capita GDP in dollar terms is expected to grow to $1,888, according to the IMF report.
However, India, Asia’s third-largest economy, is likely to bounce back as 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 Pakistan’s 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.
India’s projected slump is the largest of any major economy except for Italy and Spain, and the biggest among the main emerging markets.
Top Congress leader Rahul Gandhi, who has been critical of the centre over the state of the economy, hit out at the government after the IMF projections. “Solid achievement of 6 years of BJP’s hate-filled cultural nationalism. Bangladesh set to overtake India,” he tweeted today.
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