TOKYO - Asia's factory pain continued to ease in July with contraction slowing in big export-reliant nations, adding to hopes the region is steadily emerging from the devastating hit of the coronavirus pandemic.
Japan, for one, will enjoy only a"very gradual and protracted recovery" as concerns about a resurgence in COVID-19 cases will weigh on domestic and overseas spending, said Stefan Angrick, senior economist at Oxford Economics. The upbeat findings echoed an official survey on Friday, adding to evidence the world's second-largest economy is getting back on its feet faster than expected.
But factory activity in the Philippines and Vietnam slid in July, underscoring the patchy nature of the recovery. A gauge of expectations for South Korea's manufacturing output over the next 12 months jumped, though exports - which account for nearly 40% of the economy - remained a concern.
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