12/06/2021 | News release | Distributed by Public on 12/06/2021 12:20
Mrs. Aline Azzi, Research analyst at BLOM Bank, commented on the BLOM Lebanon PMI for November 2021 as follows:
"The November 2021 BLOM Lebanon PMI slipped to its lowest level in nine-months owing to multiple headwinds of domestic and regional developments. The major events were highly political, but their impact is completely economic. Unforeseen rapid deterioration of Lebanese-Gulf relations and the political bickering following the clashes of Tayouneh and the ongoing judicial crisis, all led to worsening in economic conditions. In consequence, output declined and firms reduced their employments levels as well as private sector enterprises registered an increase in overall input costs due to the local currency weakness. Furthermore, new export orders dropped at a rate that is the strongest since the start of the year. All that and yet the Government is not taking responsibility for the most severe economic crisis in modern history."