The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), in partnership with Policy Exchange Bangladesh (PEB), with the support of the UK Government’s Foreign, Commonwealth, and Development Office (FCDO), launched the first Purchasing Managers’ Index (PMI) Report for Bangladesh at MCCI’s Gulshan office on Thursday (May 9, 2024).
Ms Waseqa Ayesha Khan, MP, Hon’ble State Minister, Ministry of Finance, graced the event as the chief guest. Mr Matt Cannell, Deputy British High Commissioner and Development Director to Bangladesh, also attended the event as the special guest.
The event was moderated by Mr Farooq Ahmed, secretary-general and CEO of MCCI.
The PMI is a leading economic indicator which helps understand the economic health of a country. A monthly indicator, the PMI provides insights into key economic sectors and captures early trends. Many advanced and developing economies regularly use PMI reports for tracking shifts in the business cycle and economic variables.
During his welcome address, MCCI President Mr Kamran T Rahman expressed his profound joy at being able to introduce the era of PMI in Bangladesh. He emphasized the report’s importance as a vital tool for government and private sector decision-making. The President believed the PMI’s ability to predict economic shifts had the potential to optimize operations and potentially augment the profitability of businesses in Bangladesh.
Mr Stephen Poh, executive director, Singapore Institute of Purchasing and Materials Management, shared key points from the PMI Report.
During his presentation, Dr M Masrur Reaz, chairman, PEB, mentioned that the latest PMI readings indicated the resilience of the Bangladesh economy in the face of domestic inflationary pressures and uncertainties stemming from ongoing geopolitical conflicts. The results suggest the economy has been on the expansion track overall once election-time uncertainty passed. In April, the Bangladesh PMI recorded a slower expansion at 62.2. Driven by robust growth in the agricultural and manufacturing sectors, both sectors returned to an accelerated growth path in April after a slight deceleration in March, while services and construction sectors grew slower.
An open discussion took place after this. There was unanimous praise towards the initiators for the successful introduction of the PMI in Bangladesh. Other topics discussed include how the PMI could invoke confidence among businesses and brand Bangladesh positively in the global arena, the need to address the challenges of authenticity and interpretation of the PMI data, the need for continuous cooperation from the private sector, how such research-based policy input could help the government, and how the PMI could pave way for more home-grown indicators in Bangladesh.
The Special Guest acknowledged that timely and reliable economic data is essential for making good decisions. He believed the Bangladesh PMI will help policymakers and business leaders make informed and timely investment decisions. He also added that the UK Government was pleased to partner with MCCI to start the publication of this globally reputed index of economic activity every month.
During her intervention, the Chief Guest mentioned she was pleased to see MCCI and PEB introducing the PMI Report in Bangladesh. Bangladesh needed efficient resource management, and that required correct data. The Chief Guest believed the PMI Report would provide valuable insights into the economy that would help proper, data-driven decision-making.
The launch event ended with a vote of thanks from MCCI. Representatives from MCCI members, the business community, think tanks, and the media attended the event. -Press Release-