>>
Home / Knowledge / News / Textiles / Global growth slows sharply – EU Autumn Forecasts

Global growth slows sharply – EU Autumn Forecasts

05
Nov '08
European Union economic growth should be 1.4% in 2008, half what it was in 2007, and drop even more sharply in 2009 to 0.2% before recovering gradually to 1.1% in 2010 (1.2%, 0.1% and 0.9%, respectively, for the euro area). The Commission's autumn forecasts show that the EU economies are strongly affected by the financial crisis, which is aggravating housing-market correction in several economies at a time when external demand is fading rapidly.

While the important measures taken to stabilise financial markets have begun to restore confidence, the situation remains precarious and the risks to the forecasts significant. As a result, employment is set to increase only marginally in 2009-2010, after the 6 million new jobs created in 2007-2008, and unemployment is expected to rise by about 1 pp. over the forecast period after being at its lowest for more than a decade. More positively, inflationary pressures are diminishing as oil prices fall, and the risks of second-round effects fade away. After reaching the best position since 2000, the overall budgetary position is also set to deteriorate while the rescue packages could raise public debt.

"The economic horizon has now significantly darkened as the European Union economy is hit by the financial crisis that deepened during the autumn and is taking a toll on business and consumer confidence. Emerging economies are holding up better than the EU and the US, so far, but even they are unlikely to escape unscathed. We need a coordinated action at the EU level to support the economy similar to what we have done for the financial sector. The Commission last week set out a framework for recovery that aims to boost investment, sustain employment and demand. We are looking forward to hearing Member States' views and, especially, for a joint approach at the EU level ", said Joaquín Almunia, Economic and Monetary Affairs Commissioner.

The Commission's economic forecast published projects EU economic growth to drop sharply to 1.4% in 2008. It was 2.9% in 2007. In 2009 the EU economy is expected to grind to a stand-still at 0.2% before recovering to 1.1% in 2010. The equivalent figures for the euro area for the period are 1.2%, 0.1% and 0.9%. In 2007 it was 2.7%.

Global growth slows sharply - Global growth is forecast to slow markedly to 3¾% this year and 2¼% in 2009 after the exceptionally strong 5% average in 2004-2007. Advanced economies will be most affected but emerging economies are also increasingly being hit. This is the result of the financial crisis along with the ongoing correction in house prices in many economies and lagged effects from high commodity prices. During 2010, growth is expected to rise gradually as financial markets stabilise, thereby supporting confidence and trade.

The outlook remains clouded by considerable uncertainty about who will ultimately bear the brunt of the credit losses and what the scale of the loss will be. Credit conditions have tightened significantly and, recent recapitalisation notwithstanding, the banking sector is expected to continue to deleverage, putting a brake on lending.


Must ReadView All

Pic: Shutterstock

Textiles | On 20th May 2022

China reiterates call for tariffs cut after US official’s statement

After US treasury secretary Janet Yellen called for tariffs cuts on...

Pic: Shutterstock

Textiles | On 20th May 2022

World economy projected to grow by 3.1% in 2022: UN

The world economy is projected to grow by 3.1 per cent in 2022,...

Pic: Shutterstock

Textiles | On 20th May 2022

Lowering logistics costs key to Vietnam’s export competitiveness

Reducing logistics costs is crucial to raising competitiveness of...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Global supply chain collapsed during the pandemic

Textile Industry, Head honchos

Textile Industry
Head honchos

Ensured payment of fee was least concern for students

Textile Industry, Head honchos

Textile Industry
Head honchos

Consistency is the first rule of social media

Hannes Schoenegger,

Hannes Schoenegger

Bananatex is the world’s first durable, technical fabric made purely from...

Abdullah Mohammad Saad Hossain,

Abdullah Mohammad Saad Hossain

Saad Group is a leading vertically integrated textile group in Bangladesh. ...

Ghatit Laheru,

Ghatit Laheru

When the 2001 tremblor wrecked the Kachchh region of Gujarat throwing many ...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Frank Heislitz, Freudenberg Performance Materials

Frank Heislitz
Freudenberg Performance Materials

Freudenberg Performance Materials is a leading global manufacturer of...

Christopher Astley, INDA

Christopher Astley
INDA

<font face="Arial, sans-serif"><span style="font-size: 16px;">INDA,...

Gavin Miguel, Label Gavin Miguel

Gavin Miguel
Label Gavin Miguel

Acclaimed fashion designer <b>Gavin Migue</b>l is known for his couture...

Anju Modi, Label Anju Modi

Anju Modi
Label Anju Modi

Filmfare Award winner for best costume designer,<b> Anju Modi </b>is...

Susumu Miura, Label - Avalone

Susumu Miura
Label - Avalone

<div>Tokyo-based fashion brand Avalone, founded by Susumu Miura in 2013...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Lacoste (Wanchai)
Phong Phu international JSC (PPJ)
Target Corporation (MN)
NITI Aayog
Zydex Industries
EMBEE CORPORATION
Kern – Liebers Textile
Sainsbury's Argos Asia Limited
Taiwan Textile Federation (TTF)
FULGAR SpA
Boardriders Asia Sourcing Limited
Recron Polyester from Reliance Industries Limited
Xtema - Thomas Lebherz Textilmaschinen
Sateri (Jiujiang) Fiber Co.,Ltd
KAS Direct Sourcing
COTTON COUNCIL INTERNATIONAL
Flainox S.r.l.
Lottmann Communications
Coats Digital Limited
ZAITEX spa
Bluestem Global Sourcing Limited
C;&A Sourcing International Ltd
Benetton Group
Groz-Beckert KG
Inter Expo Center Ltd.
Puma
Eastman Chemical Company
CSGIA(China Screen Printing & Graphic Imaging Association)
LC Waikiki
Istanbul Fuarcilik A.S.
Alix Partners
Rayonese Textile Inc., Division de Culp Inc.
Newtech Textile Technology Development (Shanghai) Company Limited
Tory Burch Hong Kong Ltd
G-Star Raw C.V.
Guess Europe Sagl,
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
KIABI
N9 World Technologies Private Limited
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Bluesign Technologies Ag
Messe Duesseldorf
John Varvatos
International Sourcing Expo Australia
Vardhman Textile Ltd
BTC Textiles LLC
Palexpo SA
IKEA of Sweden AB
Grasim Industries Limited
THE BOMBAY DYEING ;& MFG.CO. LTD
Huntsman (Singapore) Pte Ltd
G.A.S. unternehmenskommunikation gmbh
Equinox Impex India
Colours India Inc
Gloria Jeans
Lenzing Aktiengesellschaft
Performance Days
Brückner Trockentechnik GmbH & Co. KG
Officina Meccanica Dora Enrico Srl
Seasalt Limited
Lifestyle
Page Industries Limited (Bangalore)
Kornit Digital Asia Pacific Ltd
Italian Trade Commission
Gap International Sourcing Limited
Dow Silicones Corporation
TESTEX AG, Swiss Textile Testing Institute
Shima Seiki Mfg. Ltd.
BIMBA ;& LOLA SL
The LYCRA Company Singapore  Pte. Ltd
Thai Acrylic Fibre Company Limited
Landmark Group
K AND D ITMACH EXPOSITIONS LLP
TÜYAP IHTISAS FUARLARI A.S.
Under Armour Global Sourcing Ltd
JES MEDIA, INC
TESCO INTERNATIONAL SOURCING LIMITED
Arvind Limited
Datatex Consulting Srl
Babyshop
Tuyap Tum Fuarcilik Yapim A.S.
Sportswear Company Spa
H;&M Hennes ;& Mauritz (Far East) Ltd
Restoque S.A.
Tradewind International Servicing
Indofil Industries Limited - Specialty & Performance Chemicals Division
Gatsby Africa
Messe Frankfurt Exhibition GmbH
Rieter India Private Limited
T.T. Limited
GIOVANNI BOZZETTO S.p.A.
Reiter India Private Limited
Asos
PVH Corporation
Calvin Klein
Stahl Holdings B.V.,
Marzoli Machines Textile s.r.l.
Rosset ;& Cia Limited
H. Stoll AG & Company KG
CGS Inc.
Hirdaramani International Export Private Limited
Mayer & Cie. GmbH & Co. KG
Desigual - ABASIC, S.A.
Karl Mayer Textilmaschinenfabrik GmbH
Sportmaster Ltd.
Thai Trade Center
OVS Hong Kong Sourcing Ltd.
GERBER TECHNOLOGY LTD.
Lululemon Athletica Inc
Pt. Peraga Nusantara Jaya Sakti
Eurofins BLC Leather Technology Centre Ltd
Nihalani Events Management
Decathlon
EPCH
Cat Tuong Real Estate Group Joint Stock Company
Aquarelle Clothing Limited
Maceton Limited
X-Rite Asia Pacific Limited (HK)
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Loris Bellini S.r.l.
Itema Weaving (India) Private Limited
Permoda(Koaj/Armi/Pronto/Bkul)
Datacolor AG Europe
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
MAS Active / MAS Kreeda / MAS Bodyline
Thermore (Far East) Ltd.
DyStar India Pvt. Ltd
BIANCA
Walmart
Alison Hayes Romania
BTSR International S.P.A.
Zünd Systemtechnik AG
SYNERGIES HONG KONG LIMITED
The Top Form Brassiere Manufacturing Company Limited
Truetzschler India Private Limited
Copenhagen Fashion Summit
Amazon China
Tommy Hilfiger
Savio Macchine Tessili S.P.A.
GHCL LIMITED
IIGM Private Limited
Saurer Textile Solutions Pvt. Ltd.
Helly Hansen Far East Ltd
Woolmark Services India Pvt. Ltd.
Etam Group Strategy Hong Kong Limited
IDH – The Sustainable Trade Initiative
Comasia Limited
Aleph Srl
Centric Software
EUROVET ASIA LTD
Shanghai  Aige Exhibition Service Co., Ltd
Applied DNA Sciences Inc
APLF Limited
VNU Exhibitions Asia
TEXVALLEY MARKET LIMITED
Green Fibre
Varner AS Retail
China World International Exhibition Company Limited
Lisa S.P.A.
Indo Tex
Aramark Uniform ;& Career Apparel, LLC
Lectra Technologies India Pvt Ltd.
International Textile Manufacturers Federation
Gokaldas Exports Limited
DuPont de Nemours, Inc.,
SHAHI Exports Pvt Ltd
Brandix Lanka Limited
Haelixa AG
UBM China (Shanghai)
BRINKMANN GMBH
Abit
Chori Company Limited
Jiangsu Yingyang Nonwoven Machinery Company Limited
Hela Clothing Pvt Ltd
Chico’ FAS
J ;& P Coats
Nandan Denim Limited
Splash
The LYCRA Company Singapore  Pte. Ltd
USTER
Meera Dyestuff Industries
Recron Polyester from Reliance Industries Limited
NV Michel Van de Wiele
Lenzing Aktiengesellschaft - India
Groz-Beckert East Asia LLP
Jindal Worldwide Limited
Color Service s.r.l.
ITMA Services Pte Ltd
FESPA (Reigate)
Mesdan SPA
Infor (Hong Kong) Limited
Tchibo GmbH
Esprit Europe Services GmbH
Vianney Textil Hogar S.A. De C.V.
Weitmann & Konrad GmbH & Co. KG
IFF Media Ag - International Media Services
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Midas Clothing Limited

May 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search