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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
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<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
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Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
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<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
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But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
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Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
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<div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
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<div>
<hr />
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<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
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Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
<div>
</div>
<div>
The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
<div>
</div>
<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
<div>
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<div>
Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
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The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div>
<div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
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<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
<div>
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Nepal has thus far been relatively aloof from the global financial crisis and economic meltdown in the West. The Nepali economy is insulated against such external shocks as risks from inflow of toxic assets remains zero. This is mainly due to the country's financial market not integrated with international market. However, there are signs of strain contributed by indirect impact through trade (reduction of export earnings, and especially contraction of merchandise exports) and spillover effects from India. The steady decline in foreign aid funding is also seen as another impact of the global meltdown. </div>
<div>
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<div>
Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
<div>
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<div>
But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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<div>
A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
<div>
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<div>
Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
<div>
</div>
<div>
The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div>
<div>
</div>
<div>
Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
<div>
</div>
<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
<div>
</div>
<div>
But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan.
A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York.
Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria.
The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling.
Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London.
(Agencies)
‘Nepal likely to benefit from global economic recovery’
Nepal has thus far been relatively aloof from the global financial crisis and economic meltdown in the West. The Nepali economy is insulated against such external shocks as risks from inflow of toxic assets remains zero. This is mainly due to the country's financial market not integrated with international market. However, there are signs of strain contributed by indirect impact through trade (reduction of export earnings, and especially contraction of merchandise exports) and spillover effects from India. The steady decline in foreign aid funding is also seen as another impact of the global meltdown.
Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation.
But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
<div>
</div>
<div>
A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
<div>
</div>
<div>
Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
<div>
</div>
<div>
The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div>
<div>
</div>
<div>
Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
<div>
</div>
<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
<div>
</div>
<div>
But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
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Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
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</div>
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The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
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<hr />
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<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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<div>
<em>(Agencies)</em></div>
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<hr />
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<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
<div>
</div>
<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
<div>
</div>
<div>
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<div>
<em>(Agencies)</em></div>
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<div>
<hr />
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<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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<div>
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<div>
<em>(Agencies)</em></div>
<div>
</div>
<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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<div>
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Nepal also saw a marginal rise in tourist arrivals caused by declining disposable income in advanced economies. As India and China are more prone to global risks, negative spillovers from their weakening economies is exerting pressure on Nepal. The sharp depreciation of the Nepali currency (which maintains an exchange rate peg with the Indian Rupee) in recent days is an example of such spillovers. Subdued demand in recession-marred Europe, the major export market of India, is said to be the main cause of the Indian Rupee’s devaluation. </div>
<div>
</div>
<div>
But with the global economic recovery gathering pace, experts are hoping that external headwinds faced by the Nepali economy are likely to fade away in the coming days. "Economic revival in the United States and Europe is positive for South Asia, it will eventually create demand in the region," says Dr Chiranjibi Nepal, Ecomomic Advisor to the Nepali Ministry of Finance. According to him, the rise in demand for manufactured goods along with other materials will boost the manufacturing sector, thus generating employment. "Nepal's major exports to Europe and US, such as garments, carpets and handicrafts can benefit from the recovery," he adds. Dr Nepal also mentioned the prospect for rise in tourist arrivals from developed nations as disposable income in western nations is bound to increase following the economic recovery.</div>
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In a apparent sign that global economic recovery is gaining momentum, the manufacturing activities in United States and Europe rose at a faster pace in July. According to various surveys published last week, US manufacturing grew in July at its fastest pace in two years while European factories snapped a two-year run of declining output, suggesting a prolonged euro zone recession may be near its end. Also the output at British factories also surged last month, while an index of China’s massive manufacturing sector suggested the slowdown in the world’s No. 2 economy may be stabilizing. JPMorgan’s Global Manufacturing PMI edged up to 50.8 in July from 50.6 in June, holding above the 50 mark that divides growth from contraction. “Global manufacturing output continues to expand at a modest pace, consistent with a global economy that is held back from considerable fiscal drags in the first half of the year,” said Joe Lupton, senior economist at JPMorgan. </div>
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<div>
<em>(Agencies)</em></div>
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<hr />
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<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
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A sharp rise in new orders in US helped propel the Institute for Supply Management’s index of national factory activity to a two-year high of 55.4 in July, beating economists’ expectations of 52.0 and June’s reading of 50.9. A separate index from financial data firm Markit rose to 53.7, a four-month high, from 51.9 in June. “It’s obviously good news. Orders have bounced back. If this is happening in the context of a global improvement, that’s a good thing,” said Pierre Ellis, senior global economist at Decision Economics Inc in New York. </div>
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Meanwhile, Markit’s Eurozone manufacturing PMI showed marginal growth among factories for the first time in two years, with the index at 50.3, up from 48.8 in June. Output rose in Germany, Italy, the Netherlands, Ireland, France and Austria. </div>
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The company’s flash composite PMI, based on surveys of thousands of companies across the region, jumped to an 18-month high of 50.4, from 48.7. Readings above 50 signify growth. In China, the official factory PMI was a bit stronger than expected last month, although growth remained modest. The biggest surprise came from the UK, where Markit’s UK manufacturing PMI jumped to 54.6, trumping even the most optimistic forecast in a Reuters poll of economists and triggering a rise in sterling. </div>
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Overall, the data allayed fears that the global economy’s mid-year lull would deepen. “We’re seeing different trends in different parts of the world, which are to a large extent offsetting each other,” said Andrew Kenningham, senior global economist at Capital Economics in London. </div>
<div>
<em>(Agencies)</em></div>
<div>
</div>
<div>
<hr />
<div>
<strong>‘Nepal likely to benefit from global economic recovery’</strong></div>
<div>
</div>
<div>
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<div>
</div>
<div>
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