Myanmar’s manufacturing sector rose to a record six-year high in February due to weak purchasing power and power outages in February, according to the IHS Markit Myanmar Manufacturing PMI (Manufacturing Purchasing Managers’ Index) released on March 1. Weaknesses in purchasing power combined with power outages led to the highest rate of work in the survey’s six-year history. For the third straight month, inventories rose to a record high. Myanmar’s manufacturing PMI stood at 47.3 in February, down from 48.5 in January. For the 18th straight month, the PMI fell below 50 points. The February data shows a common chart for companies in Myanmar that are struggling on the downside.
As new orders and procurement fell sharply, inventories rose at a record high in the survey. Political instability; Power outages; They also reported further epidemics and scarcity of raw materials, said an economist at IHS Maekit. At the beginning of 2022, operating conditions in Myanmar’s manufacturing sector declined more rapidly, with production falling for 17 consecutive months, according to a February survey. According to a survey released at the end of 2021, Myanmar’s manufacturing output remained the most economically affected in Asia by the end of 2021. The survey also found that employment volumes fell again during the period and jobs were cut.
Despite low production demand and reports of workers returning to their homes, most respondents pointed out that workers were voluntarily leaving in search of better-paying positions. Outcomes have risen sharply as companies have struggled to find skilled workers and raw materials. Myanmar’s economy remains one of the worst-hit economies in Asia in 2021. According to the IHS Maekit Myanmar Manufacturing PMI released on November 1. Purchasing Manager ‘Indes (PMI) New orders Workplace Five indicators are calculated: suppliers’ delivery time and stockpiles. The survey is based on original data collected from industry by IHS Markit and sponsored by Japan-based Nikkei Media Group.
Source: Daily Eleven