The reopening of society in western economies is reflected in most of the economic indicators. For example, global business confidence in manufacturing rose from 39.6 in April to 42.4 in May, according to data from JPM Global PMI.
Business confidence remains extremely low but is – most importantly – heading towards a more optimistic level. Just like the transition from lockdown to reopening marks a turning point in the corona crisis, even a marginal increase in the confidence indicators constitutes an essential turnaround in expectations for the future.
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