02-Aug-19, Business World
Asian factory activity contracted further in Jul-19, fueling worries that a Sino-US trade war and a slowdown in China could tilt the world towards a global recession, which central banks will have to fight with depleted ammunition.
Image: Business World
Purchasing Managers’ Indexes (PMI) showed manufacturing activity contracting in China for a second consecutive month, while export driven economies in North Asia - Japan, South Korea and Taiwan - have been in pain for longer.
Among the emerging market economies of Southeast Asia, Indonesia registered a contraction, but others have benefited from a redirection of trade flows away from China.