Asia's manufacturing PMI rebounds to 50.4

(ECNS) -- The purchasing mangers' index (PMI) for Asia's manufacturing sector regained at 50.4 in January 2024, up 0.6 percent from the previous mouth, according to data released by China Federation of Logistics and Purchasing on Tuesday.

The figure rebounded above 50 after a slight decline in December 2023, indicating a moderate improvement in Asian manufacturing.

The manufacturing PMI for China, Japan, South Korea and India increased compared with the previous month. Among ASEAN countries, except for the Philippines, the manufacturing PMI of other major countries rose from the previous month.

The rise of manufacturing PMI is attributed to the stable political environment and sustainable policy support in Asian countries. The role of RCEP in promoting regional trade and investment is the external driving factor for Asia's moderate economic recovery.

The IMF projected GDP growth in the Asia Pacific Region at 4.5 percent, an upward revision of 0.3 percentage points from its forecast in October 2023. China's GDP growth will be 4.6 percent this year, an upward revision of 0.4 percentage points from the IMF's forecast in October 2023.

The global manufacturing PMI came in at 49.3 in January 2024, up 1.3 percentage points, marking a new high since March 2023.