Global manufacturing activity declined for the third consecutive month in June and remained in the contraction territory for three months in a row, according to an index published by the China Federation of Logistics and Purchasing on Saturday.
The global manufacturing Purchasing Managers' Index (PMI) stood at 49.5 percent in June, down 0.3 percentage point from the previous month, according to the federation.
A reading above 50 percent indicates expansion, while a reading below 50 reflects contraction.
In the second quarter, the average global manufacturing PMI came in at 49.7 percent, slightly higher than the first quarter by 0.1 percentage point, indicating that the global economy continued a moderate recovery.
"Judged from the situation in the first half of the year, the global PMI is 49.7 percent, which is 0.9 percentage point higher than the same period last year. So from this perspective, the global economy remains on a recovery track in the first half of the year," said Cai Jin, vice president of China Federation of Logistics and Purchasing.
The Bank for International Settlements recently released a report, stating that central banks in major economies have reduced inflationary pressures and the global economy is poised for a smooth landing.
However, as geopolitical conflicts, trade frictions and debt pressures have posed headwinds to global economic and trade recovery, experts have called for efforts to strengthen economic and trade cooperation.
"Efforts should be made to further strengthen coordination of the global supply chain and increase the momentum of the economic development, to promote further recovery of the global economy," Cai said.
Global manufacturing PMI down for 3 consecutive months
Lebanon's Hezbollah said on Thursday that the group is willing to consider a ceasefire proposal if it includes guarantees for a truce in the war-torn Gaza Strip.
A member of Lebanese parliament from the Hezbollah coalition made the statement at a news conference in Beirut.
He criticized Israel's strike on a Beirut health care facility that killed at least five people, and warned the international community against Israel's continuous violations of international law.
"The world is facing a challenge. Can they find one humanitarian or international law that Israel hasn't violated? All U.N. charters, U.N. Security Council resolutions, Israel has violated them. Isn't it enough that it tore the U.N. Charter? Isn't it enough that it declared the [U.N.] secretary general an undesirable person, a Persona Non Grata" said Ibrahim Al Moussawi, an Hezbollah official and member of the Lebanese parliament.
The group also vowed to continue their fight until it sees a realistic proposal for a ceasefire.
"The decision for a ceasefire is left to those in the battlefield. We consult with those in the field, and we who deal with politics when we receive an offer that is realistic and would also achieve a ceasefire in Gaza as well. Only then we can consider making a deal," said Ibrahim.
The Israel Defense Forces have been carrying out an unprecedented, intensive air attack on Lebanon, dubbed "Arrows of the North", since Sept. 23, after nearly a year of low-intensity cross-border exchanges of fire with Hezbollah. And in another sign of escalation, the country has launched a ground incursion into Lebanon since early Tuesday.
The Israeli air and ground raids have since killed 1,974 people, including 127 children, wounded 9,350 others, and forced more than 1.2 million civilians to flee their homes, according to the Lebanese health minister.
Hezbollah willing to consider ceasefire proposal if it includes guarantees for truce in Gaza: official
