The International Monetary Foundation has revealed that Bangladesh will overtake India in terms of Gross Domestic Product (GDP) per capita. According to the foundation, Bangladesh is expected to increase its GDP per capita by 4% to $1,888 while India is predicted to experience a decline in its GDP per capita by 10.5%, leading to $1877, 81% lower than Maldives.
While India is predicted to experience a drastic decline, both Nepal and Bhutan is predicted to experience a boom in their economy for 2020. Data seems to suggest that out of all the nations in South Asia, India will be the worst hit country by the economic losses due to COVID-19.
The decline in Indian economy is being attributed to Indian Prime Minister Narendra Modi’s ineffective economic policies failing due to COVID-19. This had meant that out of all the SAARC nations, India would be the third most poorest state, behind Bangladesh, Bhutan, Sri Lanka and Maldives.