The International Monetary Fund has estimated that India’s per capita GDP is likely to shrink 10.3% by March 2021, while Bangladesh’s GDP is expected to grow 3.8%
The projection by the International Monetary Fund (IMF) that Bangladesh will overtake India in per capita GDP for 2020 has set social media abuzz and given the Indian opposition another opportunity to attack the Modi government over the economic decline, reported India.com.
Congress leader Rahul Gandhi, who has been a vocal critic of Prime Minister Narendra Modi’s handling of the economy, tweeted: “Solid achievement of 6 years of BJP’s hate-filled cultural nationalism: Bangladesh set to overtake India.”
Solid achievement of 6 years of BJP’s hate-filled cultural nationalism:— Rahul Gandhi (@RahulGandhi) October 14, 2020
Bangladesh set to overtake India.
The IMF on Tuesday estimated that India’s per capita GDP would shrink 10.5%, ending March 31, 2021, while the figure in Bangladesh is expected to grow 3.8%.
Economists said Bangladesh’s economic growth has been supported by its fast-growing export sector and a steady increase in rate of savings and investment in the country, Business Standard reported.
Meanwhile, India’s exports have fallen in recent years, while savings and investment have also simultaneously declined.
With these projections, India will be the third-poorest country in South Asia. Pakistan and Nepal will be the only countries with lower GDP.
Bangladesh, Bhutan, Sri Lanka and Maldives are going to be ahead of India.
The IMF predicted that Sri Lanka would be the second-most-affected after India.
Sri Lanka’s per capita GDP is expected to shrink 4.6% in the current calendar year.