Bangladesh to overtake India in per capita GDP this year: IMF
Published: 06:19 PM, 13 October 2021 Updated: 06:20 PM, 13 October 2021
Bangladesh is going ahead again compared to India in terms of per capita gross domestic product (GDP), forecasted International Monetary Fund (IMF).
The information was obtained on Tuesday (October 12) in a report of the World Economic Outlook (WEO) released by IMF.
According to the IMF, the current per capita GDP of Bangladesh in 2021 will be $2,138.794. India’s per capita GDP, on the other hand, will be $2,166.444. If this happens, Bangladesh will be ahead of India in per capita income for two consecutive years.
The IMF states that both Bangladesh and India will achieve great economic growth by overcoming the effects of the Covid-19. India’s GDP growth will be higher, i.e., 9.5 percent where Bangladesh’s growth will be 4.8 percent. However, despite the increase in growth, India’s economy “declined sharply” last year, as a result, Bangladesh has an opportunity to move forward again.
Last year, the IMF stated in the WEO report that Bangladesh’s growth will be 3.8 percent in 2020 and India’s growth will be -10.3 percent. As a result, Bangladesh’s per capita GDP in 2020 will be $1,888 and India’s will be $1,887. In other words, Bangladesh was ahead by exactly $1 last year.
IMF now saying that Bangladesh’s actual growth in 2020 was 3.5 percent where India’s growth was -7.3 percent. As a result, as per the IMF, Bangladesh’s per capita GDP in 2020 was $1.961.614 and India’s was $1,929.677. In the end, Bangladesh’s per capita GDP was $31.937 more than India’s.
India is still lagging behind due to last year’s high negative growth, even though it was originally expected to achieve record growth this year. Even next year, the IMF thinks India will lag behind. According to this year’s forecast, Bangladesh’s GDP per capita will be more than $22.35.
Meanwhile, Bangladesh has surpassed India in GDP for two consecutive years, but in some social indicators, Bangladesh has surpassed India seven years ago.
It can be said that Bangladeshi girls have a higher education rate and lower birth rate per woman than Indian girls. Neonatal and mortality rates under 5-years are also lower in Bangladesh than in India.