Securing survey data timely, integrating responses identified as challenges

FE REPORT

Securing survey data within expected timeline and incorporating responses from firms operating in informal economy are some of the challenges in implementing Purchasing Managers' Index (PMI), according to Dr M Masrur Reaz, chairman and CEO of Policy Exchange Bangladesh.

However, he highlighted that the issue of survey data response is a common concern in Bangladesh.

Keeping this view in mind, Dr Masrur said, MCCI and Policy Exchange Bangladesh have undertaken a number of mitigation measures, including awareness raising, leveraging networks of private sector chambers and associations, and excluding any sensitive business information from the survey questions.

Dr Reaz came up with the remarks at a Focus Group Discussion (FGD) with journalists on the PMI for Bangladesh at its Motijheel office on Saturday.

Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), in collaboration with Policy Exchange Bangladesh (PEB), with the support of the Foreign, Commonwealth, and Development Office (FCDO), organised the discussion.

The primary objective of the FGD was to raise awareness about the recently launched PMI for Bangladesh so that the national media could accurately document and cover it.

The PMI is a leading economic indicator which helps understand the economic health of a country.

It provides insights into key economic sectors and captures early trends.

The PMI data index is compiled from monthly surveys of private sector enterprises. The programme was formally launched in Bangladesh on 5 February 2024.

In his welcome remarks, Farooq Ahmed, secretary-general and CEO of MCCI, said that the PMI was already in use in many countries to gauge the economic health of a nation.

The purpose of this FGD was to disseminate information and effectively convey the details of the PMI to the media community, facilitating their documentation and coverage, according to him.

Hasnat Alam, senior manager, Market and Policy Advisory, PEB, gave a brief presentation on the PMI programme. This was followed by an open discussion.

Topics that came up in the discussion include the comparison of PMI with other indicators, its interpretation, challenges, scope, the need for PMI-interpretation training programmes for reporters, and many more.

It was clarified that the PMI will simply reveal the variance in economic activity and not exact figures sensitive to businesses.

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