IMF Says Bangladesh to overtake India in GDP growth in per capita: - Prime Insights - Business Magazine

IMF Says Bangladesh to overtake India in GDP growth in per capita:

According to the 2020 report  which is published in 2019 is based on 153 countries. The Indian rank: 112 (4 places down from the previous year). India is behind the neighbouring country like; China, Nepal, Sri lanka, and Bangladesh. With the country and world reeling under the impact of the coronavirus and pandemic time, the Indian economy is expected to grow at -10.3 % ( i.e., a contraction) in 2020 as per the  (IMF) report. Global growth is projected to be -4.4% ( i.e., a contraction in output of 4.4%) for this year.
According to IMF-World Economic Outlook (WEO), Bangladesh’s per capita GDP in respect to dollar terms is expected to grow 4% in 2020 to $1,888. and On the other hand, India’s per capita GDP is expected to decline 10.5% to $1,877 – the lowest in the last four years of time. The GDP data figure for both countries is at current prices. The reports predicted that India’s growth falls, amongst the most in the world, India is on track to fall below Bangladesh in terms of the per capita GDP. India will grow smartly next year, as per According to IMF.
 According to the current situation analysis Bangladesh’s GDP growth in last few years has averaged around 8%, according to reports, at a time when economic growth in rest of the world was slowing down. The HSBC Bank had predicted that Bangladesh would be the 26th largest economy in the world by 2030. 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.
The WEO ( world economic outlook),database suggests that the Indian economy will be the worst hit from the pandemic in South Asia after Sri Lanka, whose per capita GDP is expected to like as shrink 4% in the current calendar year. In respect to, Nepal and Bhutan are expected to grow their economies this year, while the IMF has not divulged Pakistan’s data for 2020 and beyond, reports Business Standard.
IMF ( international monetary fund),predicted a sharp economic recovery in India next year, which is likely to push per capita GDP ahead of Bangladesh in 2021 by a small margin, it adds. The prediction of IMF’s forecast for India – a huge downward revision from its previous prediction in June – is also the biggest contraction projected among major emerging markets amid the Covid-19 pandemic.
As per analysis the India’s per capita GDP, in nominal US dollar terms, is projected to be $1,876.53 in 2020, lower than $1,887.97 projected for the Bangladesh. On average, India’s per capita GDP has been 24 per cent higher than Bangladesh’s during the last five years, IMF data show. Bangladesh is expected to see its per capita GDP in dollar terms to grow by four percent to $1,888. It may be noted that the GDP figure for both countries is at the current prices.

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