(ECNS) -- The Asian Manufacturing Purchasing Manager Index (PMI) dropped to 49.4 in November, a decrease of 0.9 percent from the previous month, data released by China Federation of Logistics & Purchasing showed Tuesday.
It has fallen for two consecutive months and has for the first time dropped to less than 50 since August 2020, the data said.
Due to the pandemic, China's manufacturing sector growth rate continued to slow down, and the PMI decreased compared with the previous month, running below 50 for two consecutive months.
Japan, Indonesia, Vietnam, Thailand, and Malaysia's manufacturing PMI decreased to varying degrees from the previous month, among which Vietnam's manufacturing PMI saw a particularly obvious drop.
The Indian manufacturing PMI continued to rise slightly, with the index remaining above 55; the Philippines manufacturing PMI increased from last month, with the index remaining above 52; the South Korean manufacturing PMI increased from the previous month but remained below 50, the data shows.
Under the pressure of the pandemic and shrinking demand, the Asian manufacturing industry is facing downward pressure. But the market is still optimistic about the prospects of Asian economic recovery, analysts believe.
The Global Macroeconomic Outlook 2023 recently released by Morgan Stanley noted that the Asian economy will become the main driving force for global economic growth in the future. The OECD Economic Outlook predicted that the major Asian emerging markets would account for nearly 3/4 of the global GDP growth by 2023.