Businesses in Bangladesh generally do not respond to surveys as they are reluctant to share information due to a lack of awareness of its benefits, according to an economist. 

"In general, of firms approached for surveys in Bangladesh, a significant percentage don't respond to the surveys due to their shyness …and a lack of awareness on how they can benefit from a particular survey-led work," said Masrur Reaz, chairman and CEO of the Policy Exchange of Bangladesh (PEB).

He was addressing a discussion with journalists at the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka yesterday on the recently launched Purchasing Managers' Index (PMI). 

"We are facing challenges relating to the lack of survey culture in conducting the PMI's survey," said Reaz. 

Companies often shy away over concerns centring potential misuse of the data, he added. 

With support from the UK government's Foreign, Commonwealth, and Development Office (FCDO), the MCCI and PEB launched the surveys on February 5 for the first time to gauge the country's economic situation. 

The PMI is a leading economic indicator that helps provide a picture of a nation's economic health. 

In essence, the index summarises whether market conditions are expanding, staying the same or contracting, as viewed by purchasing managers. 

The index is measured within a range of 0 to 100, with a PMI of more than 50 representing expansion compared to the previous month while a reading of under 50 represents contraction.
"The first report is expected to be published in May and will be compiled from monthly surveys of private-sector enterprises," said Reaz. 

Although the index was launched in early February this year, there was one and a half years of preparation behind it, he added. 

He believed the PMI would be beneficial for businesses in taking decisions and adopting policies. 

Hasnat Alam, senior manager of market and policy advisory of the PEB, gave a brief presentation on the fundamentals and practicality of the PMI. 

Farooq Ahmed, secretary general and CEO of the MCCI, and Refayet Ullah Mirdha, president of Economic Reporters' Forum, also spoke at the event.