The manufacturing PMI (seasonally adjusted) was 57.5 in February, the seventh consecutive monthly expansion, albeit down modestly from the 57.7 in January. Over the past six months, the manufacturing PMI has shown activity recovery gathering steam. Barclays expect the positive momentum to continue as both fiscal and monetary policies remain supportive. A fast nationwide vaccine roll out could provide a further boost to activity normalisation. Barclays forecast Q4 FY20-21 GDP growth will be 2.7% y/y, and FY21-22 at 11.0% y/y
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