Bangladesh Overtakes India and Pakistan in Per Capita Income Growth

Bangladesh has overtaken both India and Pakistan in per capita income, marking a remarkable transformation from two decades ago when it lagged significantly behind. According to a World Bank report, Bangladesh's per capita GDP reached $2,621 in 2023, compared to $2,612 for India and $1,471 for Pakistan. Bangladesh first surpassed Pakistan in 2016 and overtook India in 2020. Despite global challenges like the COVID-19 pandemic and economic recession, Bangladesh has maintained positive economic growth. While growth slowed to 3.4% in 2020-2021, it rebounded to 7.1% in 2021-2022. However, recent projections forecast a slowdown to 4% for 2023-2024. Over the last two decades, Bangladesh has achieved the highest per capita income growth in South Asia, transitioning from a low-income to a middle-income country. Since 2000, Bangladesh is among 39 nations that have attained middle-income status, as noted by the World Bank. Other South Asian countries like Bhutan, Myanmar, and Nepal have also shown notable progress, whereas Pakistan and Afghanistan continue to lag. Additional insights are expected in the upcoming Global Economic Prospects report from the World Bank.