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.
Waseqa Ayesha Khan, State Minister, Ministry of Finance, graced the event as the Chief Guest.
Matt Cannell, Deputy British High Commissioner and Development Director to Bangladesh, also attended the event as the Special Guest. The event was moderated by Farooq Ahmed, Secretary-General and CEO, 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 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 abilityto predict economic shifts had the potential to optimize operations and potentially augment the profitability of businesses in Bangladesh. 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 accelerated growth pathin 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.
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.
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.
