As government-imposed lockdowns due to the coronavirus pandemic took a particularly heavy toll on the world's service industry, global economic activity all but ground to a halt this month. The outbreak has also crippled manufacturing, shutting factories and upending supply chains.
From 39.8 in March, the US services sector flash PMI dropped to an all-time low reading of 27.0 this month. IHS Markit's Flash Composite PMI in the eurozone sank to 13.5, by far its lowest reading since the survey began in mid-1998.
Britain's economy this quarter will contract 13.1 percent, a poll predicted earlier on Thursday. Since World War Two, this would be the biggest quarterly drop for the kingdom.
Japan's services sector PMI this month weakened at a record pace. Marking the lowest reading since September 2007, the au Jibun Bank Flash Japan Services PMI plunged to 22.8. The IHS Markit flash services PMI in Australia slumped to a record low 19.6. From 49.7 in March, the flash manufacturing PMI dropped to 45.6 in April.
South Korea's trade-reliant economy shrank at its fastest pace since 2008. Zero economic growth would be posted by Asia this year for the first time in 60 years, the International Monetary Fund said last week.
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Published on April 24, 2020 11:01 AM (GMT+8)Last Updated on April 24, 2020 11:01 AM (GMT+8)
