Congress leader Rahul Gandhi on Wednesday mocked the Prime Minister Narendra Modi's government as an IMF projection showed that Bangladesh is set to overtake India in per capita GDP terms.
"Solid achievement of 6 years of BJP’s hate-filled cultural nationalism," Rahul Gandhi said in a tweet.
Bangladesh’s per capita GDP in dollar terms is expected to grow 4% in 2020 to $1,888 while against India’s per capita GDP is expected to decline 10.5% to $1,877, according to International Monetary Fund (IMF)-World Economic Outlook (WEO).
This makes India the third poorest country in South Asia, with only Pakistan and Nepal reporting lower per capita GDP, Business Standard reported.
Indian economy is projected to contract by 10.3 in 2021, according to IMF estimates.
"We do have a significant downgrade for India's growth for the fiscal year 2021. It is -10.3%. The hit to the economy has been large and pretty much broad-based. You saw that in the April, May, June months, so this has been a very hard hit," IMF chief economist Gita Gopinath said on Tuesday.
The IMF predicted a deep global recession this year and the world growth to be - 4.4%, asserting that the global economic crisis is far from over mainly due to the impact of the coronavirus pandemic.
In its latest World Economic Outlook report, the International Monetary Fund also said the swift recovery in China has surprised on the upside while the global economy's long ascent back to pre-pandemic levels of activity remains prone to setbacks.