The reopening of the economy boosted manufacturing production- showing that businesses are recovering.
Southeast Asia’s manufacturing and purchasing activity of factories has risen as of January of the year, based on the Purchasing Managers’ Index released by S&P Global on Feb 01, 2023.
Thailand had the highest PMI reading in Southeast Asia, at 54.5, followed by the Philippines (53.5), and Indonesia (51.3).
Further to that, Myanmar (49.6), Vietnam (47.4), and Malaysia (46.5) are among the countries with the lowest contraction. However, Malaysia is the only country with a worsening PMI manufacturing status.
The operations of the industrial sector have significantly improved over the preceding month, according to Maryam Baluch, an economist of S&P Global Market Intelligence. Thus, the recovery from COVID-19’s widespread repercussions has already been apparent.