Asia's Factory Boom: Record Growth in South Korea & India Amid Global Economic Surge
July 2, 2024Asia's factory activity in June 2024 saw a boost driven by a strong global economy and increased semiconductor production.
Japanese manufacturers faced cost pressures, while China's manufacturing sector showed mixed signals.
South Korea, Vietnam, and Taiwan experienced accelerated growth, with South Korea reaching a two-year high.
India's manufacturing sector rebounded, with robust demand leading to the fastest hiring rate in over 19 years.
Despite challenges, Japan remains optimistic about the future.
The IMF predicts a soft landing for Asia's economies with steady growth expected.
Resilience in Asia's manufacturing sector has positive implications for global supply chains and potential investment opportunities.
The overall economic outlook for the region is positive.
Summary based on 14 sources
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Sources
CNN • Jul 1, 2024
There is no end in sight for China’s uneven economic recoverySeeking Alpha • Jul 1, 2024
China’s factory growth in June reaches highest level in over three years to 51.8Business Standard • Jul 1, 2024
HSBC India Manufacturing PMI indicates a sharp improvement in business conditionsBusiness Standard • Jul 1, 2024
Asia's factory activity expands in June on solid momentum in global economy