The global downturn appeared close to a bottom yesterday after manufacturing figures from across the world suggested the worldwide recession was running out of steam in all big economies.
The welcome news comes after nine months of the sharpest contraction in global manufacturing output since the second world war and a dramatic plunge in world trade as buyers of capital goods and consumer durables effectively went on strike.
Stuart Green, global economist with HSBC, said the signs from around the world indicated that “a spell in the financial wilderness now looks less likely for the major economies . . . with a slowly improving cyclical picture factored in for the rest of 2009 and 2010 across many regions”.
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