The International Monetary Fund has projected that India’s Dross Domestic Product (GDP) will drop below the GDP of Bangladesh in terms of per capita. India’s GDP is projected to contract by 10.3 per cent this year. On comparison with the June month prediction by the IMF's forecast for India, a huge downward revision was seen among the major emerging markets due to the coronavirus pandemic outbreak.
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The ''World Economic Outlook'' report released by the International Monetary Fund on Tuesday reveals India's per capita GDP is set to plunge to $1,877 this fiscal year ending on March 31, 2021. The IMF's previous prediction in June said output would reduce by 4.5 percent whereas Bangladesh per capita GDP in dollar terms is expected to grow to $1,888. The Asia's third-largest economy, India will regain the position of the fastest growing emerging economy surpassing China's projected growth rate of 8.2 per cent by bouncing back with 8.8 per cent growth rate in 2021 said the IMF.
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The world economic outlook predicts 4.4% of contraction in the global growth and will bounce back by 5.2% in 2021. The report released ahead of the annual meetings of the IMF and the World Bank is of great importance. India’s economic drop is the highest of any major economy except for Italy and Spain, and the biggest among the main emerging markets. Among the BRICS group members Brazil will show 5.8% contraction, Russia 4.1% contraction, south Africa with 8% whereas China will grow by 1.9%.
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