Bangladesh is set to overtake India in terms of per capita Gross Domestic Product (GDP) in 2020-21, reports BSS.
According to International Monetary Fund’s (IMF) World Economic Outlook (WEO) report, India’s per capita GDP is likely to fall 10.5 percent to $1,877 — the lowest in four years — due to the sharp economic contraction following the strictest nationwide lockdown in the world due to the Novel Coronavirus (COVID-19) pandemic.
Bangladesh, on the other hand, is expected to see its per capita GDP to grow by four percent to $1,888.
Per capita GDP is a global measure for determining the prosperity of nations and is used by economists, along with GDP, to analyze the prosperity of a country. It is calculated by dividing the GDP of a country by its population.
It may be noted that the GDP figure for both Bangladesh and India is at current prices. The WEO 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 shrink 4 percent in the current calendar year.
In comparison, Nepal and Bhutan are expected to grow their economies this year, while the IMF has not divulged Pakistan’s data for 2020 and beyond.
