Global manufacturing activity recovery to continue gradually into 2024, says S&P Global
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Global manufacturing activity recovery had seen a gradual improvement in late 2023 and is expected to continue into 2024. The US economy is stronger than expected, while Western Europe underperformed. Growth in Asia-Pacific was uneven, with India and Indonesia leading the region. Global PMI data showed gradual improvement, with new orders and future output rising. Asia-Pacific is expected to drive world growth in 2024, benefiting from recovery in China and resilient domestic demand. Malaysia's economic momentum will continue in 2024, with real GDP growth projected to accelerate to 4.6%. Manufacturing new orders have steadily increased since December 2023. The textile and apparel manufacturing segment is expected to slip. There is an upside risk to supply chain activities in 2024 if US importers anticipate tariff increases for imports from China. China remains a huge market for semiconductor suppliers, while the US accounted for 25% of revenues of the 10 largest chips companies.



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