The global manufacturing purchasing managers' index rose slightly in November 2024, reaching a new high since the second half of the year.

In November, the worldwide manufacturing PMI was 49.3%, up 0.5 percentage points from the previous month-a new high benchmark since second half of this year. By region:

1) The Asian manufacturing PMI was 51.2%, up 0.2 percentage points from the previous month, increasing for three consecutive months while being expansionary for 11 months running. The Asian manufacturing industry continued its firm bounce back, registering strong resilience and potential.

2) The American purchasing managers' index stood at 49%,its rise clipping 1.7 percentage points off previous numbers-the highest mark in nearly six months; recovery strength in US manufacturing has grown.

3) The European manufacturing purchasing managers' index was 47%, down by 0.7 percentage points from the previous month, having remained below the 48% mark for three consecutive months. Recovery strength in European manufacturing has continued to be weak.

4) In regards to Africa, the manufacturing PMI stood at 49.2%,down 0.2 percentage points from the previous month; being below the boom-or-bust line for two consecutive months already, the recovery strength of African manufacturing is yet to catch up. 

The dominant opinion of the experts is that the momentum is still on track, even as cautious optimism prevails. The challenges and risks from global economic issues have, however, yet to be addressed. The global trade environment is uneasy with political instabilities still troubling global energy markets and commodity prices that create massive uncertainties for recovery. Countries need to coordinate their responses to geopolitical conflicts in order to sustain global energy supplies and areas of supply chain. This coordination should include increasing international cooperation and aligning policy toward structural reforms and techno-economic innovation; freeing trade and investment by removing tariffs and non-tariff barriers; and rejuvenating trade around the glоbe.