The majority of the world’s manufacturers are in better stead to face an economic slowdown than they were three years ago, and will be able to weather the challenges coming in 2012 without being seriously damaged, according to a report from FT.com
In fact, manufacturers have been lauded as the key to keeping the global economy in good running order, with the Manufacturing Enterprise Solutions Association (MESA) International and Cambashi calling on manufacturers and production companies to share their intelligence in a research study due out next year.
“Leaders in these industries have a proven ability to improve performance in their operations – but are they improving what really matters to the success of their business overall?” says MESA.
The study, called ‘Pursuit of Performance Excellence: Business Success through Effective Plant Operations Metrics’, will use data provided by manufacturers around the world; Australian manufacturers can take part in the survey by clicking here (those who take part will also receive a copy of the finished report).
On our home turf, Australian manufacturing decline eased in October, according to the latest Australian PMI.
The latest seasonally adjusted Australian Industry Group – PwC Australian Performance of Manufacturing Index (Australian PMI) contracted in October, albeit at a slower rate than recent months, rising 5.1 points to 47.4, bringing hope for the year ahead.
According to BIS Shrapnel’s Long Term Forecasts 2011 – 2026 report, what Australia really needs to survive 2012 is an infrastructure investment-led productivity drive to bring balance to the two-speed economy.
“The current financial market ructions are serving as a distraction from something much more important: the impact of the resources boom on the rest of the Australian economy,” says BIS Shrapnel’s Chief Economist, Dr Frank Gelber.
“We need to prepare the economy for the end of the boom,” says Dr Gelber.
“We can’t expect any significant protection or government intervention in the operation of the market.”
“It’s all very well to point to the need for productivity, but it’s not that easy. People have been decrying the weakness of productivity growth this decade. They talk about it as if it comes automatically. It doesn’t. We have to earn it.”
How is your business preparing for 2012? Leave your comments below.