(ECNS) -- The purchasing managers' index (PMI) for Asia's manufacturing sector remained moderate recovery at 51.5 in April 2024, slightly down 0.1 percent from the previous month, and above 51 percent for two consecutive months, data released by China Federation of Logistics and Purchasing on Monday.
China's factory activity remained at its vibrancy above 50 for two consecutive months in April 2024, while India's PMI recorded above 58. Among major ASEAN countries, April's PMIs in Indonesia, Singapore, the Philippines and Vietnam rose back above50.
The recovery of Asia's manufacturing sector is stronger than that of Africa, Europe and the Americas. The International Monetary Fund has raised its growth forecast for the Asia-Pacific this year to 4.5 percent, 0.3 percent higher than the IMF's previous forecast last October. The Asian Development Bank forecasted its growth to 4.9 percent in 2024. Due to the high-interest rate of the United States, the depreciation pressure of major Asian countries has increased, which will bring disturbance to the economic recovery in Asia to a certain extent.
Global manufacturing purchasing managers' index fell to 49.9 percent in April, decrease 0.4 from previous month, staying at neutral 50 mark.
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