Global demand for semiconductors has plummeted this year, hitting the heavily specialized manufacturing economies of South Korea and Taiwan particularly hard.
The road ahead for manufacturing is bumpy due to disrupted supply chains, labor shortages, and high shipping and energy costs.
Chinese manufacturing is struggling to keep pace after a very strong 2020 due to heavy levels of demand, but the overall picture remains positive.
The machinery sector is bouncing back, with farming machinery, semiconductor & electronics machinery, and textiles machinery leading the way.
Interact Analysis is projecting the global machinery market will rise by 6% in 2021 to more than $2 trillion with heavy machinery and materials handling leading the way.
Manufacturing is digging out from the impact of COVID-19, but its recovery is being hampered by a labor shortage in many major markets.
Malaysia, Indonesia, and Vietnam are expected to see their overall economies expand next year compared with levels prior to the COVID-19 outbreak according to a report by Interact Analysis.
Global manufacturing economic forecasts in the wake of COVID-19 have improved thanks to stronger than expected recoveries from the U.S. and China, but there is a long road to recovery, particularly for some key industries.