In January, The Global Manufacturing Purchasing Managers' Index Rebounded From A Low Point

In January, the global manufacturing purchasing managers' index was 49.2%, up 0.6 percentage points from the previous month, ending a seven month month on month decline. The purchasing managers' index of the global manufacturing industry ended its continuous downward trend, rising from the previous month, which means that the trend of the global economy's continuous downward trend has eased since the second half of 2022.

Xu Hongcai, deputy director of the Economic Policy Committee of the China Policy Science Research Association, believes that the strong recovery of China's economy is the main benefit. In January, China's manufacturing PMI was 50.1%, up 3.1 percentage points month on month, becoming the main driving force to prevent the global economy from declining. The latest World Economic Outlook report of the International Monetary Fund raised the (expected) growth rate of the world economy in 2023 by 0.2 percentage points to 2.9%.

From a subregional perspective, the purchasing managers' index of manufacturing industry in the Americas was below 50% in January, and continued to decline; The purchasing managers' index of European manufacturing industry rose from the previous month, but still below 50%; The purchasing managers' index of Asian manufacturing industry rose to more than 50%; The purchasing managers' index of Africa's manufacturing industry declined from the previous month, still around 51%.

Experts said that the global manufacturing PMI is still below 50%, indicating that the global economy needs to be strengthened to stop the decline and stabilize. At the same time, it should be noted that the uncertain impact of the COVID-19 epidemic on the global economy still exists, and the problem of insufficient demand is still a common problem faced by countries around the world. The balance between easing inflation and promoting economic recovery is still a dilemma faced by many countries.