Per capita income: Bangladesh surpasses India and Pakistan

Last Updated on December 16, 2024 6:15 am

The people of Bangladesh earn more on average than the people of India and Pakistan. Bangladesh has been ahead of India and Pakistan for several years.

This information was obtained from a report released by the World Bank on Friday.

Data analysis shows that Bangladesh has been ahead of India for four consecutive years in terms of per capita GDP (gross domestic product).

According to the latest analysis by the IMF, in 2023, the per capita GDP of Bangladesh will stand at $2,621. And India’s per capita GDP is $2,612. In 2020, Bangladesh surpassed India in per capita GDP for the first time. That year, Bangladesh’s per capita GDP was $1,888. And India’s was $1,877.

In 2016, Bangladesh surpassed Pakistan in per capita GDP for the first time. That year, Bangladesh’s per capita GDP increased to $1,659. Pakistan’s was $1,468. Pakistan has not been able to surpass Bangladesh in any other year since then. In 2023, Pakistan’s per capita GDP stood at $1,471.

Bhutan’s per capita income increased from $720 to $3,740. During that time, the country’s per capita income increased by 419 percent. Myanmar’s per capita income was $190 in 2000. Last year, it increased to $1,210. During that time, the country’s per capita income increased by 537 percent.

The World Bank report said that despite the global economic situation being stagnant due to the impact of the Corona pandemic and the global recession, Bangladesh’s economic growth rate did not go into a completely negative trend. There was growth, but it was slow. In terms of national per capita income, Bangladesh’s per capita income has increased the most among South Asian countries in the last two decades. Bangladesh is ahead of India, Pakistan, Nepal, and Myanmar in terms of per capita income.

The report said that many low-income countries have become vulnerable due to the debt crisis. That trend is still continuing. Growth slowed to 4.5 percent in the 2019-20 fiscal year. It slowed further to 3.4 percent in the 2020-21 fiscal year. Bangladesh’s growth picked up in the next two years. It rose to 7.1 percent in the 2021-22 fiscal year. But the growth rate slowed again in the 2022-23 and 2023-24 fiscal years.

The World Bank has predicted that the growth rate may drop to 4 percent in the current fiscal year.

A World Bank press release said that at the beginning of the 21st century, the World Bank classified 63 countries as low-income. Since then, 39 countries, including India, Indonesia and Bangladesh, have risen to the list of middle-income countries. This means that by 2023, their annual per capita income was above $1,145. The growth rate of the remaining countries was not as expected. Due to the unsustainable growth rate, only 6 of the low-income countries are likely to achieve middle-income status by 2050. These countries have made the most progress in 25 years, a trend that the World Bank will detail in its upcoming Global Economic Prospects report, to be released on January 14.