BEIJING (REUTERS) - Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps.. Read more at straitstimes.com.
BEIJING - Factory activity in China unexpectedly expanded in March after contracting sharply to a record low, but the rapid global spread of the coronavirus is expected to keep businesses and the overall economy under heavy pressure as foreign demand slumps.
Many warn that manufacturers and overall economic activity will remain under intense pressure in coming months in light of the rapid spread of the virus across the world, the unprecedented lockdowns in several countries and the almost near certainty of a global recession. The survey's sub-index of manufacturing production picked up to 54.1 in March from February's 27.8, while a reading of new orders rose to 52 from 29.3 a month earlier.
Already, Chinese exporters are seeing overseas orders being scrapped as the worldwide spike in coronavirus infections and deaths has forced many of the nation's trading partners to slow or suspend production. Globally the outbreak has claimed the lives of over 34,000 people with more than 720,000 infections.
"We estimate that China could lose close to 18 million jobs in the export sector as a result of a 30 per cent y-o-y contraction in exports we expect in the next one to two quarters," economists from Nomura said in a note prior to the data.
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