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Garment sector is strongest growth driver: World Bank

According to World Bank senior economist Sodeth Ly, the garment sector has been the strongest driver of growth. Speaking at the release of the Bank’s latest biannual East Asia and Pacific Economic Update he said garment being a footloose industry, it can move quickly from one country to another. For this, the exposure is significant.

China and its affiliates like Taiwan, Hong Kong and Macau made up more for than 90 per cent of investment in the garment industry while local investment made up just 1.4 per cent of the total, according to the report. Nevertheless, buoyed by increasing exports to Europe, the sector is expected to contribute 2 percentage points to growth in gross domestic product this year, propping up a robust growth rate of 7 per cent for the country. That forecast is a slight on the upper side from April’s report which predicted a growth of 6.9 per cent next year. The World Bank also forecasts the same for the next two years.

Regionally, Southeast Asia is among the fastest growing areas of the world, a rare bright spot amid the sluggishness of advanced economies, claimed Sudhir Shetty, World Bank’s chief economist for East Asia and the Pacific, who appeared at Wednesday’s briefing via video link from Washington. The good news is that for most countries there’s a window of accommodating financial environments in advanced economies.

 
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