Bangladesh surpasses India in per capita GDP
Dhaka, October 15: In terms of per capita GDP, Bangladesh has overtaken neighboring India in the 2020-2021 fiscal year, according to a World Economic Outlook (WEO) report of the International Monetary Fund (IMF).
This year, Bangladesh's per capita GDP has risen 4% to $1,888
According to the report, India's GDP per capita could fall by 10.5% to $1,877, the lowest in four years.
The sharp economic downturn has led to a slowdown in growth due to a nationwide crackdown on the coronavirus epidemic.
It is noteworthy that GDP has been calculated at current prices of both Bangladesh and India.
According to WEO figures, India will be the worst hit by the pandemic in South Asia after Sri Lanka.
It is expected that the per capita GDP will decline by 8% in the current financial year.
In comparison, Nepal and Bhutan are expected to strengthen their economies this year.
However, the IMF has not released any economic figures for Pakistan.
Meanwhile, the IMF has hinted at an economic recovery for India next year.
In 2021, India will overtake Bangladesh by a small margin in per capita GDP, according to their report.
In dollar terms, India's per capita GDP will grow by 8.2% in 2021, while Bangladesh's per capita GDP will be 5.4%. The per capita GDP in India will be $2,030 and the per capita GDP in Bangladesh will be $1,999.
It should be noted that GDP per capita is a global measure of a country's prosperity and economists use per capita income growth in addition to GDP in a country's prosperity analysis.
It is calculated by dividing a country's GDP by the total population of the country.