Pakistan lingers behind Bangladesh in per capita income as exports fall & inflation rises

Bangladesh, once ruled by richer and more powerful Pakistan and born amid famine and war has surpassed the latter's Gross Domestic Product (GDP). The country which came into existence 24 years after Pakistan has grown its GDP per capita multiple folds compared to that of Pakistan.

As per reports, the GDP per capita or the economic output of a Pakistani citizen rests at around USD 1,543 per annum, as compared to Bangladesh's USD 2,554.

Rate of Inflation soars in Pakistan; relief for people in Bangladesh

Pakistan's rate of inflation or the rate of increase in price is 'officially' nine per cent in Pakistan while in Bangladesh it is 5.56%, reported the News International.

The statistics mean that a major chunk of 220 million Pakistanis are presently witnessing a double blow; dismal income levels and ever-soaring tariff of most essential kitchen items, the publication said.

It further added that Pakistan has a nominal GDP of USD 296 billion, while Bangladesh holds a much healthier USD 409 billion nominal GDP. Pertinently, Pakistani exports are as low as USD 25.63 billion, as compared to USD 37.88 billion when it comes to Bangladesh.

Far healthier nominal GDP, good incomes per capita, satisfactory inflation figures, and relatively stable export and import statistics in Bangladesh can alone paint a fairly true economic picture of the nation under review and help us all gauge the prosperity levels of their citizens as compared to Pakistan and its residents languishing under the burden of ever-surging tariffs of vital kitchen items and their insufficient incomes, according to The News International.

9% increase in GDP over the past year, says Bangladesh Cabinet 

During an interaction with reporters in June this year, the Bangladesh Cabinet Secretary had said that the country's GDP per capita had grown by nine per cent over the past year, rising to $2,227 while Pakistan's per capita income stands at $1,543.
In 1971, Pakistan was 70% richer than present-day Pakistan. On the other hand, Bangladesh is 45% richer than Pakistan.
Meanwhile, GDP per capita in India is expected to reach USD 2,100 by the end of 2021, according to Trading Economics global macro models and analysts' expectations. The economy is expected to grow by 9.5% in 2021 and 8.5% in 2022, claim reports. The Gross Domestic Product per capita in India was last recorded at 1961.30 US dollars in 2020, while the GDP was recorded at 2622.98 US dollars in 2020.

(With Inputs from PTI)

Image: AP, Unsplash