China's economy roared back in May while the rest of the world is slowly recovering, according to a widely-watched set of business surveys

Purchasing Managers Index (PMI) data released on Wednesday showed signs of sharp improvement in business activity in China, suggesting that the economy is bouncing back sharply from the coronavirus-induced slump it suffered earlier in the year.

China's General Services PMI rose to 55.0 in May, from 44.4 in April, reflecting a rise in business activity, new work, and employment at the quickest rates since late 2010. However, the pandemic continues to weigh on the country's export orders.

The PMI is a gauge used to track the economic direction of business activity in an economy. A reading of 50 would indicate a neutral or stabilized level of growth, above 50 exhibits expansion, and below 50 means stagnation.

During economic downturns, readings as low as 45 are expected ordinarily, while during expansion PMIs tend to linger in the mid-50s range.

Read More: GOLDMAN SACHS: Buy these 15 stocks for powerful profit growth after a historic rally leaves the market with little room for error IHS Markit China's "business activity index hit its highest reading in nearly 10 years, as service providers accelerated resumption of work after the domestic Covid-19 outbreak was largely brought under control," Dr. Wang Zhe, senior economist at Caixin Insight Group, said in the release. While China bounced back into positive territory in May, PMIs around the world showed that while most economies are still in the middle of contractions driven by the pandemic, they are all starting to bounce back from the historic lows witnessed in April. Among a set of data released by IHS Markit on Wednesday, India's PMI came out to be the lowest. India's Services PMI rose to 12.6 in May, from a record low of 5.4 in April, showing a slight improvement as Asia's second-largest economy slowly reopens from its lockdown. The eurozone's composite index rose to 31.9 in May, from 13.6 in April, despite its economy facing its deepest downturn ever due to measures taken to control the Covid-19 outbreak. Read More: A portfolio manager at a $4.6 billion shop breaks down his Warren Buffett-inspired approach to investing and shares 3 stocks he loaded up on in a 'really attractive' market upended by the coronavirus IHS Markit Countries ranked by IHS Markit's Composite PMIs recorded for May 2020: China : 54.5 versus 47.6 in April Saudi Arabia : 48.1 versus 44.4 in April UAE : 46.7 versus 44.1 in April Egypt : 40.7 versus 29.7 in April Russia : 35.0 versus 13.9 in April Italy : 33.9 versus 10.9 in April South Africa : 32.5 versus 35.1 in April Germany : 32.3 versus 17.4 in April France : 32.1 versus 11.1 in April Eurozone : 31.9 versus 13.6 in April Spain : 29.2 versus 9.2 in April Singapore : 27.1 versus 28.1 in April India : 14.8 versus 7.2 in April NOW WATCH: Pathologists debunk 13 coronavirus myths See Also: Fed Chair Jerome Powell says the coronavirus recession has been a 'great increaser of income inequality' with low-paid workers and women bearing the brunt of the fallout US consumer spending plunged the most ever last month as savings spiked to a record high 'You have an obligation to others': Mitch McConnell urges Americans to wear face masks in public