The International Monetary Fund (IMF)-World Economic Outlook (WEO) has informed that Bangladesh on course to leave India behind in terms of per capita gross domestic product (GDP) this calendar year.
This will take place mainly due to a sharp contraction in the Indian economy due to COVID-19 and the economic lockdown.
According to IMF-WEO, Bangladesh’s per capita GDP in dollar terms is expected to grow 4 per cent in 2020 to $1,888.
On the other hand, India’s per capita GDP is expected to decline by 10.5 per cent to $1,877.
This would be the lowest GDP of India in the last four years.
The GDP figure for both India and Bangladesh is at current prices, making India the third poorest country in South Asia.
Only Pakistan and Nepal would be reporting lower per capita GDP, while Bangladesh, Bhutan, Sri Lanka, and the Maldives would be ahead of India.
As per the WEO database, the Indian economy will be the worst-hit from the COVID-19 pandemic in South Asia after Sri Lanka.
Sri Lanka’s per capita GDP is expected to shrink 4 per cent in the current calendar year.