KUALA LUMPUR: The global manufacturing activity recovery had seen a gradual improvement in late 2023 and is expected to continue into 2024 although it remained in contractionary territory after two years of downturn.

S&P Global Market Intelligence senior associate Benjamin Ng said that with global growth prospects picking up, the economic conditions are likely to improve and this could be observed from the global Purchasing Managers Index (PMI) data, improvement in the electronic industry, as well as tourism segment.