‘Bangladesh economy showing resilience’

Bangladesh economy shows resilience in the face of inflationary pressures and uncertainties stemming from ongoing geopolitical conflicts, according to the Purchasing Managers' Index (PMI), the first-ever data from the index launched early this year.

"Despite a small decrease from the previous month, the economy remains on the expansion track with the new quarter. Robust growth was recorded for both manufacturing and agriculture sectors whereas the services and construction sectors posted slower growth," according to the PMI.

Leading trade body Metropolitan Chamber of Commerce and Industry and private research organisation Policy Exchange Bangladesh with a technical support of Singapore Institute of Purchasing and Materials Management developed the index and launched the results for the first time at an event.

A PMI reading above 50 indicates that the economy is expanding while a reading below 50 indicates contraction.

Bangladesh's PMI showed slower expansion at 62.2 in April this year.

The PMI showed that manufacturing and agricultural sectors posted faster expansion last month from the previous month.

However, construction and service sectors were in a slower expansion phase, it said.

Due to the slow expansion in service and construction sectors, the index declined by 2.1 points in April from the previous month.