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Demand slump drags global manufacturing to financial crisis levels
(asia.nikkei.com)
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this post was submitted on 08 Aug 2023
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If you mean the west is going into a recession and demand is shrinking then sure.
This week, GDP or gross domestic product – considered the measure of economic growth – showed the U.S. economy grew at a rate of 2.4%, much higher than expected.
China's post-pandemic recovery has slowed after a brisk start in the first quarter as demand at home and abroad weakened and a flurry of policies to support the economy failed to shore up activity.
These people are playing games with the data mate and you are falling for it, as usual.
GDP growth in the United States is always reported as an annual rate. This means that if the economy grew 0.5 percent from the first quarter to the second quarter, it would be universally reported as 2.0 percent growth (in this case 2.4%), with reporters always giving the annual rate. This is basically four times the quarterly rate. (It’s actually the first quarter’s growth rate taken to the fourth power, but this will be the same for small numbers.)
The 0.8% quarterly growth figure that you have seen them talking about in these articles translates to a 3.2% annual growth figure. Certainly below their 5% target but it is well above western counterparts, and let's not forget that the financial year isn't over and a lot can change in 3 quarters.
Recent data point to a swiftly fading rebound in China from the reopening at end-2022, but GDP growth should still remain above the 2023 government target of 5% as consumption normalises and policy support buttresses infrastructure investment, says Fitch Ratings. We expect growth to hold up relatively well, albeit on a slowing trajectory, at 4.8% in 2024 and 4.7% in 2025..
Meanwhile, US economy has been buttressed by cannibalizing Europe where things are rapidly deteriorating.