Global PMI ends ’23 up, divergences persist

The Global PMI ended high in December to close the year on a brighter note, according to S&P Global’s recent report.

The worldwide business activity soared in December, covering manufacturing and services in over 40 economies across the globe.

According to the report, the business activity went up from 50.5 in November to 51.0 in December, the highest since July.

The emerging markets expansion also increased, accelerating to a six-month high. India remained the fastest-expanding economy sustaining its best spell for 15 years. While Russia’s expansion widened as well with manufacturing and services recording the strongest growth since the pandemic. China also witnessed growth in manufacturing and services.

However, divergences persist in light of recession risks in the Eurozone, along with the business inactivity in Japan.

“looser financial conditions have buoyed consumer and financial services, but the factory sector remains in decline, led by steep losses in primary manufacturing industries,” the report explained.