The Purchasing Managers’ Index in China dipped to a two-year low in June, while manufacturing in India grew at its lowest rate in nine months.
With manufacturing staggering and persistent inflation, China's 'recession proof' status may soon have to be revoked. Pit this against the backdrop of an impending European debt crisis and uncertainty across the Atlantic and the global recovery appears as shaky as ever.
This is far from good news for the rest of the world and should not be viewed as a chance for catch up. Besides the obvious trade disadvantages, while still an inconceivable outcome, a Chinese downturn would surely be considered the first horseman of the apocalypse.
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