A projection by the Standard Chartered Bank has estimated that Bangladeshis will be better off than Indians on a per capita basis by 2030, reported Bloomberg.
According to the report, the 2020s will be Asia's decade, with a number of countries expected to achieve growth rates of around 7 percent.
The press note by Madhur Jha, Standard Chartered’s India-based head of thematic research, and Global Chief Economist David Mann, said that India, Bangladesh, Vietnam, Myanmar and the Philippines should all reach the 7 percent benchmark.
According to the research, Bangladesh’s GDP per capita will reach $5,700 in 2030 (from $1600 in 2018), while India’s GDP per capita is projected to be slightly lower at $5,400 (from $1900 in 2018).
Vietnam's GDP per capita is projected to soar to $10,400 in 2030 from about $2,500 in 2018, Bloomberg reported.
The South Asian countries in this group together will account for one-fifth of the world's population by 2030, according to Standard Chartered estimates.
Among the others in the 7 percent group are Ethiopia and Côte d’Ivoire. China is notably missing, after having been part of the club for almost four decades. This reflects both a slowdown in economic growth and a progression toward higher per-capita incomes, the report said.
However, Standard Chartered estimates that China will hold on to its 5.5 percent economic growth pace in the 2020s, the report said.
Asian countries dominating the list is a change from 2012, when the list was evenly split between Asia and Africa: China, India, Indonesia, Bangladesh, Vietnam, Nigeria, Ethiopia, Tanzania, Uganda, and Mozambique.
(With inputs from Bloomberg.)
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)