Bangladesh tops per capita GDP
Published: 02:04 PM, 14 October 2020 Updated: 02:22 PM, 14 October 2020
Photo: Daily Bangladesh
Bangladesh is leading the South Asian countries in 2020 and has overtaken India in terms of per capita Gross Domestic Product (GDP) growth rate. Through this, Bangladesh will be one of the top three countries in the world. Bangladesh’s GDP growth could be 3.8 percent. Only Guyana and South Sudan will be ahead of Bangladesh.
This was stated in the “World Economic Outlook (WEO)” published by the International Monetary Fund (IMF).
The joint annual online meeting of the IMF and the World Bank began in Washington on Monday. As part of the meeting, the IMF released the WEO database on Tuesday.
IMF chief economist Gita Gopinath officially released the report at a press conference.
The IMF’s “World Economic Outlook: A Long and Difficult Ascent” released on Tuesday said like many other emerging economies, Bangladesh’s gross domestic product growth decelerated to 3.8 percent in 2020, by which it meant 2019-20 fiscal. Growth is projected to rise to 4.4 percent in 2021, i.e. the current fiscal 2020-21.
Among other South Asian countries, IMF estimated a 10.3% contraction for India’s GDP in 2020, while Bhutan’s growth is estimated at 0.6%, Sri-Lanka at -4.6%, Pakistan -0.4%, and Nepal’s to remain flat.
The WEO database suggests that the Indian economy will be the worst hit from the pandemic in South Asia alongside Sri Lanka, whose per capita GDP is expected to shrink 4 percent in the current calendar year.
India’s per capita GDP, up until five years ago, was around 40 percent higher than Bangladesh. However, over the last five years, Bangladesh’s per capita GDP has increased at a compound annual growth rate (CAGR) of 9.1 percent, compared to 3.2 percent growth recorded by India during the said period, according to BusinessToday.in, which first reported the switchover.