Japan’s factory output fell at the fastest pace on record in the fourth quarter amid sluggish demand at home and abroad, reinforcing views the economy likely contracted in the fourth quarter.
The coronavirus pandemic literally crushed Asia’s garment industry. Factory owners in Myanmar, Bangladesh, Thailand and Cambodia shut down thousands of factories and sent home workers with little or no pay.
Sheikh Rashid Bin Saud, Crown Prince of Umm Al Quwain, who was following up on the incident, praised the efforts of the civil defence teams, who were able to efficiently control the fire.
China’s economic recovery stepped up in the third quarter as industrial activity revived thanks to the stimulus provided by the government. The consumers returned to shopping malls and major trading partners reopened for business,
China’s factory activity expanded at a slightly slower pace in October but was slightly above analysts’ expectations, suggesting a continuing economic recovery as the country rebounds from the coronavirus shock.
Orders for German industrial goods rose by a weaker-than-expected 2.8%, indicating an initial snap back from the coronavirus shock is fading into a slower recovery.
Taiwan-based electronics manufacturers Foxconn and Pegatron are among companies eyeing new factories in Mexico, people with direct knowledge of the matter said, as the US-China trade war and coronavirus pandemic prompt firms to reexamine global supply chains.
Manufacturers across Europe ended 2020 on a high while Asian factory activity expanded moderately thanks to robust demand in regional giant China, surveys showed, but the prospect of tougher coronavirus curbs clouded the outlook for the recovery.
The German government has raised its growth forecast for this year to 3.5 per cent, compared with the 3 per cent growth it was expecting back in January, a source said, adding that the upward revision was justified by a stronger-than-expected fourth quarter.
Eurozone factory activity growth surged to a record high in April, boosted by burgeoning demand and driving a rise in hiring, although supply constraints led to an unprecedented rise in unfulfilled orders, a survey showed.