Global manufacturing recovering but growth prospects for developing economies remain fragileListen /
Global manufacturing has entered a phase of steady growth after a prolonged period of recession according to a report released by the United Nations Industrial Development Organization (UNIDO).
Global output rose 5.1 per cent in the first quarter of 2014, the highest rate in several years.
The current growth can be attributed mainly to the improving financial condition of industrialized countries, especially in Europe.
Manufacturing output across those countries rose in all industrial sectors, including traditional sectors such as the manufacture of food products, textiles and clothing.
However, growth prospects for developing and emerging industrial economies remain fragile.
Manufacturing output in Argentina fell by 1.8 per cent, in Brazil by 0.2 per cent and in India by 1.6 per cent.
The rise in the cost of production and the reversal of capital flows has been blamed for holding back growth.
Sophie Outhwaite, United Nations