COVID-19 drags down Asia’s services and factory sectors
A poll released on Thursday showed that the virus outbreaks heavily damaged Asian economies in April. The weak economic activity was brought by the implemented social-distancing measures and business shutdowns which damaged the region’s services sector.
The pandemic, which has resulted in 180,000 deaths and 2.5 million cases worldwide, has also brought disruptions to the production sector, shutting down factories and upending supply chains across Asia.
Other regions across the world may share the same economic struggle as surveys from major European economies, such as Britain and Germany, bear results similar to Asia’s purchasing manager’s indexes released on Thursday.
The inactivity of the said sector came to be an alarming concern for governments given the millions employed by banks, retailers, and businesses. This will also undermine social stability due to the economic threats posed by the growing number of unemployment.