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Bangladeshis will be richer than Indians by 2030: StanChart

Bangladeshis will be richer than Indians by 2030 as the country’s per capita income will grow nearly four times throughout the 2020s, according to Standard Chartered — in yet another endorsement of its tremendous growth momentum. The per capita income of Bangladesh will rise to $5,734.6 in 2030. India’s will edge up to $5,423.4 after growing less than three times, according to a research note from Madhur Jha, Standard Chartered India’s head of thematic research, and David Mann, the bank’s global chief economist. Last year, Bangladesh’s per capita income stood at $1,599.8 and India’s $1,913.2. The note highlights the economies around the world that are likely to grow the fastest in the 2020s.

The threshold for the list is 7 percent, the approximate growth rate at which an economy can double in size every 10 years. The note expects seven countries to do this in the 2020s: India, Bangladesh, Vietnam, the Philippines, Myanmar, Ethiopia and Ivory Coast.

“We think seven countries have the potential to be members of this club in the 2020s. Of these, Bangladesh and India hold the most promise.” Speaking to The Daily Star, Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said the country is experiencing a decade of strong and inclusive growth.

“With the tailwind of demographic dividend, healthy domestic consumption, rising investment, and successful export-oriented industrialisation, we have every confidence that our nation will continue on this high-growth trajectory in the 2020s and establish itself firmly in the 7 percent club.”

Source: The Daily Star, 15.05.2019

Link: https://www.thedailystar.net/business/news/bangladeshis-will-be-richer-indians-2030-stanchart-1743808