India Set to Slip Below Bangladesh in 2020 Per Capita GDP, Says IMF

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“Solid achievement of 6 years of BJP’s hate-filled cultural nationalism: Bangladesh set to overtake India,” tweeted Rahul Gandhi

Clarion India

NEW DELHI — India is set to drop below Bangladesh in terms of per capita gross domestic product (GDP) this year. India’s per capita GDP is expected to decline 10.5% to  1,897 – the lowest in the last four years, while Bangladesh’s per capita GDP in dollar terms is expected to grow 4% in 2020 to $1,888, according to the International Monetary Fund (IMF) report.

However, India’s 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, according to report.

Global growth would contract by 4.4% this year and bounce back to 5.2% in 2021, the report said.

“India’s GDP is expected to contract 9.6 per cent in the fiscal year that started in March,” the World Bank said in its latest issue of the South Asia Economic Focus report. “The situation is much worse in India than we have ever seen before,” Hans Timmer, World Bank Chief Economist for South Asia, told reporters during a conference call last week, reports The Week.

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.

America’s economy is projected to contract by 5.8 per cent in 2020 and grow by 3.9 per cent the next year, the IMF said. China is the only country, among the major economies, to show a positive growth rate of 1.9 per cent in 2020, it said.

Congress leader Rahul Gandhi took a dig at the Modi government after International Monetary Fund (IMF) projections showed Bangladesh leaving behind India in per capita GDP this year.

In a tweet Rahul said, “Solid achievement of 6 years of BJP’s hate-filled cultural nationalism: Bangladesh set to overtake India.”

 

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