While Bangladesh’s per capita GDP in dollar terms is expected to grow 4% in 2020 to $1,888, India’s 10.3% decline will take it down to $1,877, the lowest in four years.
Citing the IMF data, the Congress leader further said that China will be the only major economy to grow this year while the US would shrink by 4.3 per cent.
Prudent macroeconomic policies and strong institutions are critical for growth, jobs and improved living standards, she said.
A finance ministry statement said that one of the key outcomes of the G20 Action Plan has been the Debt Service Suspension Initiative.
India's per capita GDP is expected to decline by 10.5 per cent to USD 1,877 in 2020 while Bangladesh's per capita GDP is expected to rise by 4 per cent to USD 1,888.
The IMF said that the Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year.
Released ahead of the annual meetings of the IMF and the World Bank, the report said global growth would contract by 4.4 per cent this year and bounce back to 5.2 per cent in 2021.
While there has been some improvement, downside risks remain high, Georgieva said in a video-conference speech to the London School of Economics.
The authorities should actively support climate-friendly investments that promote greener, job-rich and innovation-driven growth, the blog post said.
The downward revision compared with the April WEO was driven primarily by the continued rise in the number of COVID-19 cases in India.
On Karnataka economy, he said that the impact of the pandemic would be significant, but the state has fiscal space to address the crisis.
In its Global Financial Stability Report Update, IMF said financial conditions have eased but insolvencies loom large.
According to IMF's chief economist Gita Gopinath, India's sharp downward revision was due to the rising number of COVID-19 infections and the impact of the lockdown
The reserves rose to USD 501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA).
The IMF is insisting that Pakistan should continue to follow the fiscal consolidation path due to a high and unsustainable public debt that is set to hit 90% of the total value of national economy.