Amid coronavirus fears, global manufacturing and service sectors experienced the steepest fall since 2009, according to the February edition of IHS Markit Manufacturing Purchasing Managers’ Index, released in early March. China’s economy has seen the largest fall, with South Korea, Japan and Taiwan also hit hard by the impact of the virus.
Chris Williamson, chief business economist at IHS Markit, notes that, outside of China, Japan in particular is “struggling at the moment,” following an existing downturn in the fourth quarter of last year. “Japan looks like it’s on for a recession now,” says Williamson.
