Weekly Economic and Financial Commentary – 11 May, 2020
The rate of global economic contraction accelerated in the month of April as the impact of ongoing of lockdowns, shutdowns and other restrictions in place to combat the spread of COVID-19 continues to hit economic activities hard. The J.P.Morgan Global Composite Output Index for the Month of April fell to a 22-year low of 26.5 from 39.2 in March and below the level of 36.8 in November 2008 during the global financial crisis.
Following steep contraction in manufacturing production and new orders in April, global manufacturing PMI fell to 39.8 from 47.3 in March. Also, the Global Services Business Activity Index plunged to 24.0 in April from 36.8 in March, to record the third consecutive month of contraction.
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