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Bangladesh among 30 countries with the highest purchasing power parity in the world
Bangladesh has ranked 26th among 30 countries with the highest Purchasing Power Parity (PPP) in the World.
According to finance website, Insider Monkey, Bangladesh has a per capita GDP of $9.41 thousand based on purchasing power parity. In 2021, the country's GDP was little more than $1 trillion. In three years, it has risen to $1.6 trillion, making Bangladesh one of the world's fastest-growing economies today. GDP (PPP): $1,573,205,815,650, as per Insider Monkey.
People’s purchasing capacity has increased, says state minister Shafiqur
Top 10 countries with the highest purchasing power parity in the world:
1 China
GDP (PPP): $35,102,468,294,640
2. United States
GDP (PPP): $28,212,584,701,080
3. India
GDP (PPP): $13,837,886,095,650
4. Japan
GDP (PPP): $6,693,210,775,800
5. Germany
GDP (PPP): $5,737,921,135,920
6. Russia
GDP (PPP): $5,180,512,624,880
7. Indonesia
GDP (PPP): $4,706,381,666,640
8. Brazil
GDP (PPP): $4,533,438,662,610
9. France
GDP (PPP): $4,161,339,481,020
10. United Kingdom
GDP (PPP): $3,967,703,923,320
Govt's main task is to tame price hike and boost people's purchasing power: PM Hasina at Tungipara
What is PPP?
Purchasing Power Parity (PPP) is a macroeconomic concept used to compare the relative value of currencies between different countries. Value refers to how much purchasing a currency can do compared to different countries. So, to find that out, economists apply PPP, which is the exchange rate at which one country’s currency would be converted into another to purchase an identical basket of goods and services. The PPP metric is usually used to measure economic productivity and standards of living between countries, according to Insider Monkey.
In other words, utilising purchasing power parity, GDP is translated to a common baseline currency (international dollars), allowing for more realistic comparisons of nations and their worldwide positions.
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Methodology
For its list of the ‘30 Countries with the Highest Purchasing Power Parity in the World’, Insider Monkey calculated the PPP using the GDP per capita by PPP of the 50 top countries with the largest economies in the world and their population. It then shortlisted the top 30 and compiled the list in ascending order. The base data for GDP per capita and population has been sourced from the International Monetary Fund and the CIA’s database and is accurate to 2024, the finance website said.
Premortem Analysis: How to Anticipate Failure
We’ve all heard of postmortem. It’s usually associated with homicide which gives the word its grim aura. But what about premortem? Before getting into it, let’s think of the times you’ve failed in life. How many times have you thought that if you had done things differently, the outcome could’ve been different? It is something that applies to every sphere of life, be it personal, social, career, or business. That’s where premortem analysis comes in.
What is Premortem Analysis?
Growing up, we’ve all heard “Prevention is better than cure”. It essentially signifies that it is important to identify and consider potential failures before doing something as it reduces the chance of failure.
Premortem analysis is a strategic planning technique used to identify potential risks and pitfalls in a project, decision, or course of action before it is implemented. It is the opposite of postmortem analysis which works to understand what went wrong after the conclusion of a project.
Read more: What is Your Desired Salary? How to Answer Recruitment’s Trickiest Question
Ways to Anticipate Failure by Premortem Analysis
It's easy to look back and see what went wrong in the process. But the same isn’t true when it comes to anticipating failure. It requires rigorous work with precedence, potential scenarios, and alternatives to assess the risk level and ways to mitigate it.
To better illustrate the steps of premortem analysis, let us consider a retail company called Terry’s Grocery. Terry’s Grocery wants to open a new location in a new city. Here’s what an ideal premortem analysis of the store would look like.
Prices of meat, chicken and egg rise on Friday
The prices of meat, chicken, and egg are in upward trends while prices of vegetables, potato and onion decreased in the kitchen market of the capital on Friday.
Visiting different kitchen markets including Karwan Bazar, Mohakhai, Rampura, and Malibagh, the correspondent observed that prices of beef and chicken increased by Tk 20 to 50 per kg in the capital.
Beef selling between Tk 700 to 800 per kg on Friday saw an increase by Tk 50 per kg than other days of the last week. Mutton and goat meat were selling at Tk1050 to 1150 per kg, which saw an increase of Tk 50 per kg.
The price of broiler chicken has also increased, it was being sold at Tk 230 per kg, which was selling between Tk190-200 3 days ago. Apart from this, the price of Sonali chicken has also increased and is now being sold at Tk 340 per kg.
Similarly, cock chicken is being sold at Tk 360 to 370 per kg, layer chicken at Tk 300 per kg, and indigenous (desi) chicken at Tk 650 to Tk 700 per kg.
The traders of the sector said that prices of chicken increased due to price hikes of chicken food and broiler chicks.
The prices of almost all vegetables decreased, but prices of newly arrived seasonal vegetables like drum sticks, string beans, and bitter gourd are higher and selling between Tk 100 to 180 per kg based on quality.
Vegetables like brinjal and others were selling between Tk 40 to 50 per kg, bottle gourd, ash gourd, and cauliflower at Tk 40 to 60 per piece.
Onion is selling between Tk40 to 60 per kg, garlic Tk180 to 250, and ginger at Tk200 to 280 per kg based on quality.
Egg prices increased by Tk 5 to 10 per dozen and was selling a dozen brown egg at Tk145, egg duck at Tk70 per hali (four piece), and egg of home-rearing hens sold at Tk80 per hali (four pieces).
The prices of other kitchen items remained unchanged this week.
‘Design Thinking for Digital Enterprise’ showcases the paradigm shift for banks to make Bangladesh truly digital
Intellect Design Arena Ltd, a cloud-native, future-ready, new-gen multi-product FinTech company for the world's leading financial and insurance institutions, hosted a thought leadership event, ‘Design Thinking for Digital Enterprise’, exclusively for the technology-suave bankers in Bangladesh.
The event is held along with Sonali Intellect Limited, a leading financial technology company in Bangladesh and Intellect’s Joint Venture in the nation. The event was held at hotel Intercontinental in Dhaka.
The event brought together over 50 top leaders from the Bangladesh banking sector, who deliberated that the Digital Enterprise transformation signifies more than just migrating processes to the cloud or creating mobile-friendly interfaces.
The forum discussed the journey towards a Digital Enterprise for banks, starting with technology. The thought leaders discussed holistic redesign in the panel discussion, ensuring that all operations are easily accessible on various devices and centralised platforms.
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Bangladesh's banking and insurance industry sector will play a significant role in the Smart Bangladesh Vision 2041 - creating a futuristic country. Bangladesh ranks as the fastest-growing economy in the Asia-Pacific (APAC) region and across all frontier markets, with a 10-year gross domestic product (GDP) compound annual growth rate (CAGR) of 9.1 percent, a July 2023 report by World Economics found.
With a July 2022 report from the Global System for Mobile Communications Association (GSMA) projecting that Bangladesh’s smartphone penetration will rise to 63 percent by 2025, digital lenders can reasonably expect the total addressable market (TAM) they serve to balloon over the coming years.
With these meteoric rise, banking and financial industry customers will become more demanding and the technology that the banks need to cater to this changing customer can only be done through a digital transformation. This opens a pool of opportunities for banks to invest more in cutting-edge technology and partnerships.
During his keynote address, Executive Director of Bangladesh Bank Debdulal Roy said, “Digital transformation presents an array of opportunities for banks in Bangladesh. By harnessing the power of digital technologies, banks can not only enhance customer experience but also drive operational efficiency and tap into previously underserved market segments.
Nat’l committee urges govt, BGMEA to allow 8-day Eid holiday for RMG workers
Commenting about the event, Director and CEO of Sonali Intellect of India and South Asia Ramanan SV said, “This confluence of industry visionaries and experts brought together a wealth of ideas on how financial institutions can digitally empower themselves to get ready on becoming the next-gen powerhouses. Sonali Intellect has been dedicated to delivering innovative solutions to disrupt customer experience.”
“With over three decades of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives. We serve over 270 Customers in 57 Countries, offering composable and contextual technology powered by eMACH.ai architecture in various business verticals, including Banking, Wealth Management, Insurance and Capital Markets,” he added.
After setting the context for the evening, Ramanan outlined the advent of a new era of progressive and innovative technology that will transform the way banks operate and provide value to their customers. His address was followed by two-panel discussions on Banks Becoming Digital Marketplaces - Business and Technology.
Minimum Fitra fixed at Tk 115 per person
CEO & MD of Sonali Bank Afzal Karim, DMD of Sonali Bank Subhash Chandra Das, MD & CEO of Rupali Bank Mohammad Jahangir, MD & CEO of Janata Bank Abdul Jabber, MD & CEO of Islami Bank Mohammed Monirul Moula, Founder & MD of Nagad Tanvir A Mishuk also spoke in the programme.
The panels were hosted by esteemed speakers - Mohammad Kaykobad, Professor of the Department of Computer Science and Engineering at Bangladesh University of Engineering and Technology (BUET); Mr Subash Chandra Das, Deputy Managing Director, Sonali Bank; Mr Mohammad Jahangir, Managing Director and CEO Rupali Bank; Mr Raju Daryani, EVP Intellect Design Arena; and moderated by Mr Ramanan SV.
The fifth and current wave, which began with the rise of cloud computing, has seen the development of marketplaces and ecosystems that bring together a range of different services and applications.
Bangladesh making effort to diversify high-end products to explore new markets: BGMEA President
President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan on Thursday said that Bangladesh is emphasising more on diversifying into high-end products and exploring new export markets.
He said this while the newly elected Executive Committee of the Bangladesh Garments Buying House Association (BGBA), led by its President Mohammad Mofazzal Hossain Pavel made a courtesy call on the BGMEA President at his office in Uttara.
During the meeting, a wide array of issues concerning the ready-made garment industry of Bangladesh was discussed, including its current status, vision, and potential avenues for growth and development.
Read: BGMEA hosts Training of Trainers to drive circularity in RMG Sector
BGMEA President Faruque Hassan extended his warm congratulations to the newly elected committee of BGBA (elected for the tenure of 2024-26), expressing optimism that under their leadership, BGBA would emerge stronger and play a more important role in the development of the apparel industry.
Faruque Hassan called on BGBA leadership to develop connections with new buyers who do not currently source from Bangladesh.
Both parties acknowledged the pivotal role played by the RMG sector in driving the economic progress of Bangladesh.
Emphasising the significance of collective endeavors, they underscored the importance of unity in addressing the challenges confronting the industry and enhancing its competitiveness amidst a dynamic business environment.
Read: Nat’l committee urges govt, BGMEA to allow 8-day Eid holiday for RMG workers
Both sides asserted commitment to working hand in hand towards building a sustainable garment industry in Bangladesh, one that is resilient, socially responsible, and globally competitive.
Other members of the Executive Committee include Md Abdul Hamid Pintu, Senior Vice-President, Mohammed Morshed Alam, A K M Saifur Rahman, Vice-Presidents, Zakir Hossain Secretary General, Emdad Ul Haque Miazi, Md Roman Mia, Joint Secretaries, and Fazlul Haque,Treasurer.
Read more: BGMEA chief urges German company to increase high-value garment sourcing from Bangladesh
BGMEA hosts Training of Trainers to drive circularity in RMG Sector
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) organised a Training of Trainers (ToT) at the BGMEA Complex on March 18-19.
The initiative aimed at driving the industry towards circularity amidst current challenges, witnessed enthusiastic participation from representatives of factories and academia.
Led by experts from Circular Economy, including Apoorva Shankar and Ola Bąkowska, in collaboration with esteemed scholars from the Bangladesh University of Textiles (BUTEX) and an expert from reverse resources, the session focused on instilling the principles of circularity within the RMG sector.
Attending the opening ceremony of the training session, BGMEA President Faruque Hassan underscored the pivotal role of the training sessions in enhancing the capacity of local industry professionals.
BGMEA chief urges German company to increase high-value garment sourcing from Bangladesh
Their expertise is crucial in driving the transformation towards a circular apparel industry in Bangladesh, he said.
The ToT session was meticulously crafted to equip attendees with actionable insights and practical tools necessary for navigating the paradigm shift towards circular economy practices. This collaborative effort underscores a collective commitment to driving sustainable innovation and resilience within Bangladesh's RMG landscape.
With the guidance from Barrister Vidiya Amrit Khan, Director in Charge of BGMEA Circular Economy Initiatives, this initiative aligns with the objectives of the SWITCH to Circular Economy Value Chains (SWITCH2CE) project, which aims to support micro, small, and medium-sized suppliers in embracing circular economy practices.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
The Training of Trainers session signifies a significant milestone in Bangladesh's journey towards circularity, highlighting BGMEA's pivotal role in spearheading sustainable initiatives within the RMG sector, according to a press release.
FBCCI focuses on supplying high-yielding seeds at an affordable cost to farmers
-The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) said on Wednesday that there is an urgent need to ensure quality seeds and modern storage facility to increase agricultural production.
FBCCI president Mahbubul Alam said this while speaking at a discussion meeting of the standing committee on agriculture, agro-processing and agro-based industries at FBCCI's Motijheel office on Wednesday.
He said that to achieve the desired productivity in agriculture, businessmen of this sector have given special importance to the availability of good quality high-yielding seeds at the farmer level, strengthening the food innovation process and climate-tolerant varieties and research.
Besides, businessmen emphasised on agricultural mechanisation, establishment of specialised cold storage facilities, improved supply system and processing of agricultural products to reduce production costs.
“We need to focus on research to improve seed quality. Also, more attention should be paid to the use of technology. As technology improves in agriculture, productivity will increase,” said the FBCCI president.
He said that farmers should be assured of getting a fair price of produce while policies should be implemented to protect their interests.
Ahsan Khan Chowdhury, chairman of the committee and chairman of Pran RFL Group, highlighted the importance of ensuring maximum utilisation of agricultural land and increasing productivity keeping in mind of future food security and growing demand.
Apart from traditional crops, he suggested increasing the production of horticulture, fisheries, livestock, and poultry including pulses and oilseeds.
BB will start exchange of new notes from March 31
On the occasion of holy Eid-ul-Fitr, Bangladesh Bank (BB) will start releasing new notes in the market through banks from March 31.
Common people can exchange new notes till April 9 except on weekends and public holidays.
According to the central bank, from March 31, new notes will be exchanged among the public through the counters of different branches of the central bank.
Besides, new notes of Tk 5, 10, 20, 50, and 100 will be exchanged in a special arrangement from 80 branches of different commercial banks in Dhaka, Gazipur and Narayanganj.
A person cannot exchange taka for new notes more than once, said the BB.
Probashi Palli becomes land partner of Nagad’s mega campaign
Purbachal Probashi Palli Group, a leading real estate company in Bangladesh, has joined hands with Nagad, the country’s leading mobile financial service provider, as the land partner for the ongoing mega campaign named “Nagad e Jomi”.
Under the campaign, the MFS operator has now offered its users an opportunity to win land in Dhaka and many other exciting gifts worth Tk 20 crore on transactions using this MFS.
Recently, Nagad entered an agreement with Purbachal Probashi Palli at the former’s head office.
Md Shafayet Alam, executive director at Nagad Ltd. and Mahbubur Fahim Rahman, director of Probashi Palli Group, signed the deal on behalf of their respective sides, said a press release on Wednesday.
Imran Haider, head of Marketing Operations and Trade Marketing at Nagad Ltd., Mohammad Zamiur Nasim Rahman, director at Probashi Palli Group, Rifat Ahmed Shyamal (Sales and Marketing), and Md Zafar Iqbal Khan, executive director (Sales and Marketing) were also present at the signing ceremony.
Nagad now offers land in Dhaka on transactions
Last year Nagad’s BMW mega campaign generated a significant buzz within the country. Besides, customers grabbed sedan cars, motorcycles, and other gifts through Nagad payments. This year Nagad has come up with launched the country’s biggest campaign, allowing its users to win dream plots at Probashi Palli in Dhaka by following three easy steps.
Moreover, customers can enjoy 100 percent cashback alongside an opportunity to win mega gifts, including hundreds of motorbikes, TVs, fridges, smartphones, and many more on individual transactions.
To participate in the campaign, a Nagad customer first must either make a minimum of BDT 100 mobile recharge or a minimum of BDT 500 payment, or a minimum of BDT 1,000 add-money. Following any of the three transactions, they will instantly get a message that will confirm their eligibility to take part in the campaign.
Nagad offers Tk 500 cash bonus on Visa card add-money
Then, a participant will create a team of three having active Nagad accounts, including himself/herself, and everyone in the team will have to remain active in transactions during the campaign period to stay in competition to win land in Dhaka. Customers can also win land by receiving a minimum of BDT 5,000, excluding government incentives, in remittances through Nagad.
Nagad users can form groups through the Nagad app or by sending an SMS to 26969 using following the format: NGD<space>OPEN<space>Member 1 Nagad Number<space>Member 2 Nagad Number. Besides, they can also create groups by directly going to the link: nagad.io/jmi.
A group creator will be known as the group leader and after successfully creating each group, the leader will receive a voucher as a reward, which will be notified through a confirmation SMS.
Nagad customer info secure, no possibility of unauthorised access, says the company
A Nagad user can create an unlimited number of groups and any Nagad user can be a member of an unlimited number of groups. Once the group is successfully created, each member must initiate at least one transaction per calendar month (except Send Money) to remain eligible for the campaign. To access group details, each group leader will receive an access code, which must be used to log in to the microsite. The leaderboards of the groups making regular transactions will be updated on the Nagad website regularly. All such information will be available at this link: nagad.io/jmi. Starting on 15 March 2024, the campaign will continue till June 30.
Regarding this mega campaign, Md Shihab Uddin Chowdhury, deputy managing director of Nagad Ltd., said, “We always want to stand by people in fulfilling their dreams. Owning a piece of land is a dream for the people in our country. So, we want people to fulfill their dreams during this festival initiated by Nagad. Purbachal Probashi Palli has joined hands with us in this endeavor. We hope our customers will feel more encouraged to digital transactions now.”
Germany's experience in technology can help Bangladesh develop wind power: Nasrul
State Minister for Power, Energy and Mineral Resources Nasrul Hamid said Germany's experience in wind technology can make a special contribution to Bangladesh's wind power.
He said this during a meeting with Dr. Barbel Kofler, German Parliamentary State Secretary of the Ministry of Economic Cooperation and Development in Berlin on Tuesday.
During the meeting they discussed various issues of mutual interest.
The State Minister also said that Cooperative efforts between Bangladesh and Germany in the field of renewable energy will have a positive impact.
He noted that Bangladesh is successfully implementing the Solar Home System Programme with special emphasis on innovation and resilience.
“This groundbreaking initiative is attracting rural communities to clean and sustainable energy sources; At the same time, they are self-reliant by realising their hopes and aspirations”, he told the German State Secretary.
He said that the solar home system programme not only lights the house but also brings a light of hope to those who were previously in darkness.
Additionally, Bangladesh has announced its commitment to renewable energy and climate resilience through initiatives such as the Mujib Climate Prosperity Plan.
By leveraging global partnerships and resources, Bangladesh is committed to mitigating the effects of climate change, he added.
The state minister also said that the recent commissioning of a 60 MW onshore wind power has marked a significant milestone in Bangladesh's progress in the field of energy.
This achievement not only highlights Bangladesh's commitment to reduce its dependence on traditional energy sources but also shows its willingness to cooperate with developed countries including Germany in renewable energy.
The state minister said the innovation and partnership are a green signal for future generations of both the countries. This green signal will set an example for others to follow.
The Parliamentary State Secretary of Germany expressed interest in the overall situation of electricity and energy in Bangladesh and said that Germany will cooperate in the development of renewable energy in Bangladesh.