The government has decided to undertake major reforms in the methodology used to calculate key economic indicators, including Gross Domestic Product (GDP) and inflation, in a bid to enhance data accuracy, credibility and policy relevance.
Planning State Minister Zonayed Saki on Sunday said a technical committee comprising experts and stakeholders will be formed at the Bangladesh Bureau of Statistics (BBS) to review and modernise the existing calculation frameworks for GDP and the Consumer Price Index (CPI).
He made the announcement at a consultation meeting held at the Statistics Division, organised under a project aimed at developing quarterly and district-level GDP estimates.
Focus on accuracy and realism
“Reliable data is essential for effective development planning,” the state minister said, stressing that GDP is a critical national indicator used to assess the overall health of the economy.
He noted that existing methodologies need to be updated to ensure they are more precise, modern and reflective of ground realities.
“GDP and CPI are not just statistical figures — they form the foundation of economic policymaking. Any inconsistencies or inaccuracies can affect the entire planning process,” he added.
Broader consultations, reform roadmap
The government has already held discussions with researchers, academics, business representatives and other stakeholders to gather inputs on improving current statistical practices.
Based on these consultations, an initial reform proposal will be prepared, Saki said.
He also noted that past data will be reviewed to verify accuracy and identify any distortions or inconsistencies.
Addressing trust deficit in official data
The state minister acknowledged that official statistics do not always fully reflect reality, which has contributed to a lack of public confidence.
“In many cases, published data does not entirely capture the real situation, creating a trust deficit. Restoring confidence requires presenting accurate and reliable data,” he said.
Adopting international standards
The government is planning to adopt internationally recognised and advanced methodologies for measuring inflation so that CPI better reflects actual consumer spending patterns.
Officials said such reforms would align Bangladesh’s statistical system with global best practices and improve comparability with international data.
Experts stress importance of reform
Economists and policymakers at the meeting underscored the need for stronger data systems to support evidence-based policymaking.
Among those present were Statistics and Informatics Division Secretary Md Firoz Sarkar, PPRC Executive Chairman Hossain Zillur Rahman, BIDS Director General A K Enamul Haque, and BBS Acting Director General Mohammad Obaidul Islam.
Papers on CPI, inflation and wage index methodologies were presented by BBS officials, alongside discussions on GDP estimation processes, data sources, coverage and future plans.
The initiative marks a significant step towards strengthening Bangladesh’s statistical infrastructure at a time when accurate data is increasingly critical for managing economic challenges and guiding policy decisions.