Bangladesh Set To Beat India In Per Capita GDP In 2020: IMF Data

As per the International Monetary Fund's (IMF) latest edition of World Economic Outlook (WEO) Bangladesh is set to beat India in terms of per capita gross domestic product (GDP) in the calendar year 2020.

The report forecasts Bangladesh's per capita GDP in dollar terms to grow 4 percent in 2020 to $1,888. On the other hand, due to COVID-19, India's per capita GDP is expected to decline by 10.5 percent to $1,877, the lowest in 4 years.

Per capita GDP is a measure to provide the country's economic output per person. It is calculated by dividing the GDP of a country by population.

The GDP figure is at current prices for the two countries.

The per capita GDP forecast makes India the third poorest country in South Asia, behind Pakistan and Nepal, which are expected to report lower per capita GDP.

Other South Asian countries, that is Bhutan, Sri Lanka and the Maldives are set to be ahead of India.

The WEO database suggests that the Indian economy will be the worst hit among South Asian countries from the ongoing pandemic after Sri Lanka, whose per capita GDP is expected to shrink 4 percent in 2020.

On the other hand, Nepal and Bhutan are expected to grow their economies this year. IMF has not divulged Pakistan's data for 2020 and beyond.

However, IMF expects a sharp economic recovery in India in 2021, which could push the country's per capita GDP to $2,030, marginally ahead of Bangladesh's projection of $1,990.

The international body also revised its projection of contraction in India's GDP for 2020-21 on Tuesday, from 4.5 percent earlier to 10.3 percent, citing the rise in COVID-19 cases.