Asia’s industrial activity remains sluggish despite China’s production growth.

 

As a result of China’s severe COVID-19 lockdowns, industrial activity in Asia came to a halt in June. This was compounded by the solid economic downturn concerns in Europe, and the United States, which fueled worries of a worldwide recession.

Several surveys were conducted on Friday, showing that factory activity in China had a solid rebound in June. On the other hand, a slowdown in Japan and South Korea and a contraction in Taiwan highlighted the strain from supply disruptions, rising costs, and persistent material shortages.

An independent poll revealed that the removal of COVID lockdowns in June had companies scrambling to meet robust demand, which resulted in the industrial activity in China expanding at its quickest pace in the last 13 months

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