this post was submitted on 08 Aug 2023

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Demand slump drags global manufacturing to financial crisis levels (asia.nikkei.com)

submitted 2 years ago by yogthos@lemmy.ml to c/worldnews@lemmy.ml

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[–] yogthos@lemmy.ml -3 points 2 years ago* (last edited 2 years ago)

Recent data point to a swiftly fading rebound in China from the reopening at end-2022, but GDP growth should still remain above the 2023 government target of 5% as consumption normalises and policy support buttresses infrastructure investment, says Fitch Ratings. We expect growth to hold up relatively well, albeit on a slowing trajectory, at 4.8% in 2024 and 4.7% in 2025..

Meanwhile, US economy has been buttressed by cannibalizing Europe where things are rapidly deteriorating.