IMF’s ‘World Economic Outlook’ says India still among poorest countries

The International Monetary Fund’s (IMF) recent economic outlook for 2020-21 and 2021-22 has revealed some surprising things.

While the declining state of the Indian economy is being discussed on social media, China’s trade, the world’s second-largest economy, has seen a sharp rise in the days of the pandemic.

On Tuesday, consumers saw the IMF trending and then on Wednesday, Bangladesh is trending in the same vein. Some people think that Bangladesh becoming a trending topic in India is surprising in itself.

In fact, according to the two-year ‘outlook’ released by the IMF, Bangladesh is likely to overtake India in terms of Gross Domestic Product (GDP) in the current financial year.

According to the latest report, Bangladesh’s per capita GDP is expected to grow by 4% in 2020, reaching US 188 1888, while India’s per capita GDP is expected to decline by 10.3% in the same financial year. It is estimated that this could lead to a fall to 188 1887, the lowest level in four years.

In India, the IMF had projected a decline of 5.2 per cent in the first half of the current financial year, but in its latest estimate, it has raised it to 10.3 per cent, the highest since the country came into being in 1947.

It is to be noted that for the year 2021-22, the IMF has projected a growth rate of not more than 8% in India making it the third poorest country of South Asia for the current financial year.

The news has caused a stir on social media and is being termed as a failure of the Modi government.