Workers produce clothes in a factory in Huaibei, in China’s Anhui province. Picture: AFP PHOTOAsia’s factory pain deepened in May as the slump in global trade caused by the coronavirus pandemic worsened, with export powerhouses Japan and South Korea suffering the sharpest declines in business activity in more than a decade.
But with many of China’s trading partners still restricted, its new export orders remained in contraction, the private business survey showed on Monday. China’s official PMI survey on Sunday showed the recovery in the world’s second-largest economy intact but fragile. Asia’s economic woes are likely to be echoed in other parts of the world including Europe, where economies continue to suffer huge damage in factory and service sectors.
The IMF warned last month the global economy will take much longer than expected to recover fully from the virus shock, suggesting a downgrade to its current projection for a 3% contraction this year.
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BACK TO WORK | Courier company with 90 branches countrywide set to shut downAs the lockdown eases and more South Africans go back to work under level 3 on Monday, many jobs hang in the balance, including those in the construction and courier businesses. not fake news CyrilRamaphosa runs THE BIGGEST IDIOT TEST IN AFRICA called SA - please provide prove that this National Covid 19 Command Council of destruction and Poverty creation is a legal constitutional body, then we will listen ? someones puppet not for the people of SA
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