China has registered an expansion of factory activity in March after hitting its record low earlier in February, according to China's National Bureau of Statistics.
The Purchasing Managers' Index (PMI) has hit the 52-point mark in March, while last month it dropped to a record low of 35.7, the body said. It is also higher than the 50-point mark after which "growth" starts.
Whoosh - that's what I call a 'V'— Tom Orlik (@TomOrlik) March 31, 2020
China manufacturing PMI back above 50-mark in March pic.twitter.com/Ri54baaZNb
Meanwhile, businesses worldwide expect further sharp cuts in production, as the number of new coronavirus disease (COVID-19) cases continues to soar, with the United States topping the global coronavirus tally.
China said it has surpassed the peak of its coronavirus outbreak, as the number of infections registered in the country per day has lowered.
International Monetary Fund (IMF) Managing Director Kristalina Georgieva and the International Monetary and Financial Committee (IMFC) Chair Lessetja Kganyago warned on Friday that the global economy will contract this year due to the interruption of economic activity caused by the COVID-19 pandemic but said a recovery in 2021 was possible.