India Set To Slip Below Bangladesh In 2020 Per Capita GDP: International Monetary Fund

Supported by

India is set to drop below Bangladesh in terms of per capita Gross Domestic Product (GDP), according to the International Monetary Fund. The organisation has projected that the Indian economy will contract by a massive 10.3 per cent this year.

‘India will see the biggest contraction among major emerging markets amid the coronavirus pandemic,’ IMF said.

According to the IMF’s ”World Economic Outlook” report released on October 13, India’s per capita GDP is set to contract $1,877 this fiscal year ending on March 31, 2021. The IMF’s previous prediction in June predicted that the output would shrink 4.5 per cent.

‘Bangladesh per capita GDP in dollar terms is expected to grow to $1,888,’ the IMF report stated.

The report also mentioned that the Indian economy is likely to bounce back with an 8.8 per cent growth rate in 2021, thus achieving the position of the fastest-growing emerging economy, surpassing China’s projected growth rate of 8.2 per cent.

The report also said that global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.

Till five years ago, India’s per capita GDP was about 40 per cent higher than Bangladesh’s. In the last five years, Bangladesh’s per capita GDP has grown at an annual growth rate of 9.1 per cent, against 3.2 per cent growth reported by India during the same period.

As per economists, Bangladesh’s economic growth has been on the back of its fast-growing export sector and a steady rise in the rate of savings and investment in the country. In contrast, India’s exports have stagnated in the recent past, while savings and investment have fallen.

Also Read: 63,509 New Coronavirus Cases In India In 24 Hours, Tally Touches 72.3 Lakh: 10 Points

#PoweredByYou We bring you news and stories that are worth your attention! Stories that are relevant, reliable, contextual and unbiased. If you read us, watch us, and like what we do, then show us some love! Good journalism is expensive to produce and we have come this far only with your support. Keep encouraging independent media organisations and independent journalists. We always want to remain answerable to you and not to anyone else.

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Amplified by

P&G Shiksha

P&G Shiksha Turns 20 And These Stories Say It All

Amplified by

Isha Foundation

Sadhguru’s Meditation App ‘Miracle of Mind’ Hits 1 Million Downloads in 15 Hours, Surpassing ChatGPT’s Early Growth

Recent Stories

Gujarat Bridge Collapse: 9 Dead, 6 Injured as 40-Year-Old Gambhira Bridge Crashes into Mahisagar River

IAF Jaguar Fighter Jet Crashes in Rajasthan’s Churu, Pilot Killed; Probe Underway

Man Dies After Being Sucked Into Plane Engine at Italy’s Milan Airport; Major Security Breach Under Probe

Contributors

Writer : 
Editor : 
Creatives :