The good news just kept on rolling in after the IMF upwardly revised its global growth forecasts last week, but economists are keeping a close eye on the very real downside risks that still hover over the global economy.
Oxford Economics came out with even more upbeat forecasts for the US, UK and the world, seeing the former two rising by 7% or more in 2021, and the world growing by more than 6%. That compares with the IMF forecasts of 6.4% in the US, 5.3% in the UK and 6% for the world.
Other upbeat economic data released over the past week provided further confirmation that the US is recovering faster than expected. The March US PMI data was far higher than consensus, coming in at 64.7 versus the expected 61.5 a 37-year record high.
Slow vaccine rollout means third-wave risk is still a reality in South Africa: economists
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South Africa Manufacturing Growth Improves For Third Month
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The PMI climbed to 57.4 index points in March, the highest level it has reached since June 2020. iStock
The Absa Purchasing Managers Index (PMI) rose for a third month straight in March, showing that the first quarter of 2021 has been good for South Africa s manufacturing sector, benefitting from the country s increased business activity.
The PMI climbed to 57.4 index points in March, from 53 in February. It was also the highest point that the PMI has reached since June 2020, when it clocked 53.9 index points.
The PMI, which is compiled by the Bureau for Economic Research (BER) and sponsored by Absa, showed that all index components showed improvement from February. But confidence is the highest on the purchasing price index, which reached a five-year high in March 2021.
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