Bangladesh is surpassing India in per capita GDP (gross domestic product) in the current financial year due to the coronavirus epidemic. This information was reported to the World Economic Outlook recently published by the International Monetary Fund (IMF). Since then, Bangladesh has been floating in praise. In the Indian media in particular, hair analysis is being compared with the progress of Bangladesh.
According to the latest report of the World Economic Outlook, the per capita GDP of Bangladesh will increase to US 1,096 in 2020, which is 3.96 percent more than last year.
In contrast, India's per capita GDP for the current fiscal year will be ৮৭৭ 1,006, which is at least 10.3 percent lower than last fiscal year.
Even a few years ago, India was ahead of Bangladesh in terms of per capita GDP. But through continuous improvement, Bangladesh has rapidly reduced that gap.
The Indian media has lauded the unimaginable success of Bangladesh. According to The Economic Times, while India's savings and investment have been slow in the medium term, there has been tremendous development in Bangladesh's respective sectors.
Even five years ago, India's per capita GDP was about 40 percent higher than Bangladesh's. But in these five years, Bangladesh's per capita GDP has grown at a rate of at least 9.1 percent. In contrast, India's per capita GDP growth was 3.2 percent.
"This has narrowed Bangladesh's economic gap with its giant neighbor," wrote India's Business Standard magazine.
However, in the next financial year, India will again be ahead of Bangladesh in per capita GDP. According to the IMF, India's per capita GDP will grow by 7.2 percent to ৩০ 2,030 in 2021. But Bangladesh will not lag behind. The country's GDP per capita will increase by 5.4 percent to ৯ 1,990.
According to the International Monetary Fund, Bangladesh's per capita GDP has never declined since 2002. However, in 2012, India's per capita GDP fell by at least one percent, according to Business Standard.
One of the top leaders of the Congress, Rahul Gandhi, tweeted comparing India with such progress in Bangladesh. He said, ‘The BJP’s hateful cultural nationalism has been a difficult achievement in six years. Bangladesh is surpassing India.
Of course, not only India but also Bangladesh is going to be the top per capita GDP in South Asia and the fourth in the whole of Asia in the current financial year. In this case, they are surpassing India as well as China. In addition, Bangladesh's per capita GDP will be the sixth highest in the world in the Corona epidemic.
According to the World Economic Outlook, only two countries in South Asia - Nepal and Bhutan - will have positive growth in GDP per capita in 2020.
Only Egypt, Timor-Leste and Turkmenistan will have the highest per capita GDP growth in Asia. China, the world's second-largest economy, will grow 3.01 percent.
In Africa, only Malawi and in Latin America and the Caribbean, only Guyana will have higher per capita GDP growth than Bangladesh.
Meanwhile, the Asian Development Bank (ADB) said that Bangladesh's GDP growth in the last fiscal year was 5.2 percent, the highest among the 48 countries in Asia. During this time, India's economy has shrunk by nine per cent and Pakistan's by only 0.4 per cent.
According to the ADB forecast, the size of Bangladesh's economy will grow by 7.8 percent in 2021, which will be the fourth highest in the region.