A couple of new outbreaks of coronavirus in Korea’s capital city, Seoul, has led to renewed fears of a second wave of infections. The recent spike appears to have put the recovery on hold and has led health authorities to reimpose some social distancing restrictions. The daily activity data we track, which had been showing signs of recovery, now looks to have stalled again. Isolated outbreaks and fear of infection will continue to hold back the recovery over the coming months.
Meanwhile, an easing of lockdown restrictions mean the PMIs for May are likely to be harder to interpret than usual.
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