The coronavirus pandemic battered Asian economies in April with social-distancing policies and business closures taking a particularly heavy toll on the region's service sector firms, surveys showed on Thursday.
TOKYO - The coronavirus pandemic battered Asian economies in April with social-distancing policies and business closures taking a particularly heavy toll on the region’s service sector firms, surveys showed on Thursday.
Asia’s economic woes, seen in flash purchasing managers’ indexes on Thursday, are likely to be echoed in other parts of the world with similar surveys from major European economies, such as Britain and Germany, expected to show massive contractions in their factory and services sectors. “The current state of emergency will stay in place until 6 May,” said Joe Hayes, economist at IHS Markit, which compiles the survey.
The au Jibun Bank Flash Japan Services PMI plunged to 22.8, marking the lowest reading since the start of the services sector survey in September 2007. Its factory PMI fell to 43.7, its lowest since April 2009. The International Monetary Fund said last week Asia’s economic growth this year will grind to a halt for the first time in 60 years as the health crisis takes an “unprecedented” toll on the region’s service sector.
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