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Business & Finance

Bangladesh set to ‘overtake’ India, as COVID-19 batters economy: IMF

  • The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 percent this year.
Updated 14 Oct 2020

The International Monetary Fund (IMF) latest growth projections have shown that Bangladesh is closing up on India in terms of per capita GDP this year, as India takes a severe blow from the ongoing coronavirus pandemic.

The projection was shared by IMF in its latest World Economic Outlook, it said that the Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 percent this year bringing the economy down to $1.888 trillion in 2020, whereas Bangladesh catches up to and is set to reach $1.876tn.

The development is a major blow to Modi lead government, as Congress leader Rahul Gandhi, one of the main opposition of the government took a dig at the government over IMF growth projections showing Bangladesh closing in on India in terms of per capita GDP this year.

"Solid achievement of 6 years of BJP's hate-filled cultural nationalism: Bangladesh set to overtake India," Gandhi said in a tweet.

The Indian economy has taken a hammering after the government’s failure to contain the spread of the COVID outbreak.

A report by Capital Economics Ltd, published last month warned that India’s approach has been ineffective in dealing with the crisis, meaning the virus’s surge will see the country’s economy lagging behind the rest of South Asia.

The report further said that the pandemic’s impact on Bangladesh, Pakistan, and Sri Lanka’s gross domestic product is not going to be stern as these countries have done well to contain the crisis. However, India is expected to “post a double-digit slump” as the country’s economy comes under huge pressure due to shutdowns.

Meanwhile, IMF said that the global economic crisis will not be quite as grim as feared this year, but GDP will still contract 4.4 percent and the ongoing pandemic means the outlook remains uncertain, the IMF said Tuesday.