China News Service, Beijing, February 6: Title: Asia's manufacturing PMI returned to above 50% in January, continuing a moderate growth trend
Sino-Singapore Finance reporter Ruan Yulin
The China Federation of Logistics and Purchasing released on the 6th that in January 2024, the Asian manufacturing purchasing managers index (PMI) was 50.4%, an increase of 0.6 percentage points from the previous month. Following a brief correction last month, it rose again to above 50%. It reflects that the growth rate of Asia's manufacturing industry has accelerated compared with the previous month, continuing the moderate growth trend since 2023.
From the perspective of major countries, the manufacturing PMI of China, Japan, South Korea and India all increased to varying degrees compared with the previous month; among ASEAN countries, except for the Philippines, the manufacturing PMI of other major countries increased to varying degrees compared with the previous month.
Analysts say that a stable political environment and sustainable policy support are internal favorable conditions for major Asian countries to maintain moderate growth. RCEP's promotion of regional trade and investment is an external driving factor for Asia's moderate economic recovery. The steady recovery of China's economy will remain an important driving force for maintaining Asia's resilience. The IMF's latest report raised the Asia-Pacific region's growth forecast in 2024 to 4.5% from 4.2% in October last year; it raised China's economic growth forecast in 2024 to 4.6% from 4.2% in October last year. The latest Chief Economist Outlook report released by the World Economic Forum in Davos believes that 93% and 86% of chief economists expect moderate or stronger growth in South Asia and East Asia. At the same time, we must also note that Asia is also facing the pressure of currency depreciation, violent fluctuations in commodity prices, trade frictions and geopolitical conflicts, and risks and opportunities coexist.
In January 2024, the global manufacturing PMI was 49.3%, an increase of 1.3 percentage points from the previous month, setting a new high since March 2023. (over)