Global Growth Slows At End Of 2020 As COVID-19 Infections Rise
IHS Markit | Jan 10, 2021 06:06
Global PMI falls for second month running in December
The JPMorgan Global PMI™ (compiled by IHS Markit with data collected 4th-21st December) edged down from 53.1 in November to 52.7 in December, its lowest since September. The decline indicates that the pace of global economic growth slowed for a second month running, as rising coronavirus disease 2019 (COVID-19) cases dampened activity and demand, though output is still indicated to have risen over the fourth quarter as a whole, further recovering from the unprecedented downturn seen in the first half of 2020.
The slower expansion during December occurred alongside renewed measures implemented to fight further waves of virus infections in many countries. IHS Markit's COVID-19 Containment Index has risen from 32 in September to 45 in December, though notably remains well below levels seen earlier in the year (during initial, tighter lockdowns, the index hit 64). The adverse impact on global GDP from the pandemic in the fourth quarter consequently looks considerably less severe than seen during the second quarter. Worse may be yet to come, however, as the Global Containment Index is projected to rise to 46 in January.
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