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IMF predicts single digit growth in apparel exports

Nov '08
The International Monetary Fund (IMF) has recently forecast that there is a likelihood of growth rates in apparel export industry dropping in to single digits in the current fiscal (July-June) in Bangladesh due to the global recessionary trends which is a fallout of the financial meltdown. The IMF team is in Bangladesh to assess the impact of the financial crisis on the country.

IMF also said that GDP growth can also be expected to fall to 5.5 percent, instead of the 6.5 percent actually projected by the government. IMF has warned of adverse effects on the country's booming apparel export industry, other than the export growth rate figure sliding to around 9 percent.

The garment export industry has recorded a growth of between 14-21 percent in the last four fiscals except for in 2002-03 when it dipped to 9.39 percent. According to statistics released by the Export Promotion Bureau garments have clocked exceptional growth in the first two months of the current fiscal. Knitwear garments have grown by 52.84 percent and woven garments by 35.55 percent.

Fibre2fashion News Desk - India

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