The country of Bangladesh is one of the fastest-growing economies in the world. Due to its potential and rapid growth, it is classified amongst the Next Eleven emerging market middle income economy and a frontier market. Back in 1971, when Bangladesh emerged as an independent state, it was arguably the poorest country in the world, with its 90% population below the poverty line.
Today, the state however is still under crisis but growing rapidly. Its real economic growth exceeded 8% percent in 2019, and despite the corona, the virus pandemic has slow down the pace, it is yet expected to thrive at a more modest speed of around 4% percent in 20 and 21 respectively.
Bangladesh Surpass India At GDP Charts
Mirror, Mirror On the Wall – Who is the poorest of all. Recent studies show a boom in Bangladesh’s economic sector in the present year. With an estimated $1,888 GDP Per capita in 2020, the state of Bangladesh has come far above the several impoverished tropical African countries which are used to be compared in the past.
Not only has that, according to the latest economic league table by the International Monetary Fund (IMF), the state of Bangladesh has also improved in ranking and aced the spot above the neighboring rival country, India. Presently, the expected GDP growth rate for India for 19/20 is around 4.2% whereas the state of Bangladesh is standing on an expected 7.9% GDP rate by the end of 2020.
In addition to that, the per capita income of both states had also faced great turns. The GDP per capita estimates of India are $1,877 for nominal and $4,284 for Purchasing power parity (PPP) while on the other hand, the GDP per capita for Bangladesh is around $2,073 at nominal and $5,453 at PPP, which surely turned the tables for Bangladesh
Due to this, the state of Bangladesh has surpassed India in GDP per capita rank and hold the 141st rank, beating India at 142nd. India has experienced the -23.9% GDP fall which is till now worst in ther world.
This news was a massive blow for India. Under the paroxysm of anger, and indictment, the Indian media held the Government responsible which was, however a fact. Gaining benefits from the news, the Chinese media blames India’s fall from grace on the Government’s refusal to rectify the relations with the neighboring countries and its ban on Chinese products (well played!) International media, however hardly blinked on the news.
Nevertheless, Bloomberg’s Indian representative Andy Mukherjee berate India for not promoting low wage manufacturing exports as Bangladesh has. Though looking at the facts, it seems that even if India may steal all of Bangladesh low-wage exports, it would barely make any difference in India’s GDP growth figures as India doesn’t need any low-wage job, it needs high incomes for the ordinary workers, both in rural and urban areas, which cannot help without making economic reforms in India that could benefit the millions and not the millionaires.
India is unarguably one of the largest countries in the world, in terms of population and area as well, where Bangladesh is smaller than Pakistan, with less population. Due to which India’s sudden GDP growth to Bangladesh is a worrisome moment for the Indian Government.
Pakistan Beats India In Decreasing Poverty and Destitution
With the new competent government and adroit decisions, the country of Pakistan is also showing major changes in its economic growth. The GDP growth rate of Pakistan is also getting better and by the end of the year, it is expected to reach 5.50%, whereas Bangladesh is expected to show 4% by the end of 2020. Moreover, according to the World Bank, the poverty rates of Pakistan are much lesser than in India and Bangladesh.
Now, if we talk about handling Covid 19 with skills and prowess then we all know that India’s condition is getting terrible day by day, which has played a major role in its economic debacle. Whereas the International media is all praise for Pakistan due to its strategies to tackle Covid 19 virus.
However, Karma Hits harder than anything. Prime Minister Modi, who once criticized Bangladeshi PM for being a ‘woman’ and his minister called Bangladeshi, ‘termites’ are now hiding their red faces due to severe humiliation, where the Modi Media, as usual, is busy picking out futile points to shame its neighboring countries, but the decision has been served. India has now become officially poorer than Bangladesh.