According to the International Monetary Fund (IMF), India is projected to fall below Bangladesh by a massive 10.3 percent this year. The IMF’s forecast for India, a huge downward revision from its previous prediction in June, will see the biggest contraction among major emerging markets amid the coronavirus pandemic.
On Tuesday, the IMF released its “World Economic Outlook” report. According to the Global Monetary body, India’s per capita GDP is said to fall to $ 1,877 billion in the current fiscal year ending March 31, 2021. In June, the IMF forecast that projected would fall to 4.5 percent. According to the IMF, Bangladesh’s per capita GDP in dollar terms is expected to grow to $ 1,888.
However, India is likely to bounce back with a growth rate of 8.8 percent in 2021, regaining the position of the fastest-growing emerging economy, surpassing China’s projected growth rate of 8.2 percent, the IMF predicted.
Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 percent this year and bounce back to 5.2 percent in 2021.
Congress leader Rahul Gandhi, who has been consistently targeting center over the economy, hit out at the government after the IMF projections. “Solid achievement of 6 years of BJP’s hate-filled cultural nationalism. Bangladesh set to overtake India,” Rahul Gandhi tweeted.