HBL and S&P Global join hands to launch Pakistan’s first manufacturing PMI
Pakistan’s largest bank, Habib Bank Limited (HBL),
in collaboration with S&P Global, has launched the country’s first Purchasing
Managers’ Index (PMI) to track manufacturing sector performance.
The HBL S&P Global PMI will serve as a
standardized economic indicator, providing critical insights into Pakistan’s
industrial landscape—an area where economic data has traditionally been
limited.
A Key
Development Amid Economic Challenges
Pakistan’s $350 billion economy continues to
grapple with rising taxes and power tariffs, which have fueled social unrest
and pressured industries. The country is currently navigating a fragile
recovery under a $7 billion IMF program approved in September.
The new PMI index, set to be released on the first
working day of each month, will survey businesses across a diverse range of
industries. Respondents will provide insights into current business conditions
and future expectations, offering valuable real-time economic data.
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Enhancing
Investor Confidence and Economic Transparency
Luke Thompson, Managing Director of S&P
Global Market Intelligence, emphasized the index’s significance, stating:
"The launch of Pakistan’s first-ever PMI
is a major step toward improving access to timely and high-frequency economic
data, enabling better decision-making for financial institutions, investors,
and businesses."
Muhammad Nassir Salim, President & CEO of
HBL, highlighted the initiative’s impact, saying:
"This series will enhance investor
confidence and bring greater transparency to Pakistan’s economy."
With the HBL S&P
Global PMI, policymakers, businesses, and investors now have a vital tool to
assess and respond to economic trends, supporting informed decision-making in a
rapidly evolving market.
Source: Reuters