BLOM BANK SAL Commenting on the BLOM Lebanon PMI for September 2021, Dr. Fadi Osseiran, General Manager of BLOMINVEST Bank, said:
"With the economic and financial crisis still plaguing the country and fuel shortages standing in the way, firms were forced to lower input purchases followed by cutting their stock volumes. Although output fell at its softest in three months, firms witnessed liquidity concerns as well as weak purchasing power among domestic clients. On the positive side, worth noting that government formation eased inflationary levels; but that did not halt further deterioration in economic conditions, despite the slight appreciation of the Lebanese Lira in the second half of the month. As a result, Lebanon's Purchasing Managers' Index increased marginally to 46.9, indicating that private sector companies remain skeptical about the political environment and its further pressure on their business. However, all this could be turned around - albeit slowly - if the government's stabilization and reform plans prove fruitful."
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Blom Bank SAL published this content on 05 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 October 2021 09:44:35 UTC.
