The global manufacturing sector expanded at a faster pace last month, according to an index published by the China Federation of Logistics and Purchasing (CFLP).
The global manufacturing purchasing managers’ index (PMI) stood at 57.8 in March, up by 2.2 percentage points from the previous month, according to the CFLP, Xinhua reported on Sunday.
The reading, which marks the second monthly increase, remains in the expansion zone for the ninth consecutive month and indicates further economic recovery worldwide, it said in a statement.
The federation attributed the faster growth to market confidence boosted by Covid-19 vaccines, fiscal and monetary policies of developed economies, and world trade recovery.
The CFLP, however, warned that despite the rebound, a resurgence of Covid-19 cases and global inflation worries can still bring uncertainties to the world’s economy.
China’s manufacturing PMI came in at 51.9 in March, edging up from 50.6 a month ago, official data showed.