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Exhibition Status Update!

With 3 weeks until SHOWTIME, the 20th Anniversary edition welcomes an All-Star cast of new and returning exhibitors, making up the largest DOMOTEX asia/CHINAFLOOR to date. Due to high demand in all product...

Global designers to exhibit at Luxury Br…

Designers from Europe, Middle East and North America will exhibit at the upcoming Luxury Brands Carpet Show. The second edition of the curated Luxury Brands exhibition and designer carpet collection is scheduled to...

H&M to dress Swedish teams for Olymp…

Hennes and Mauritz Group (H&M) will dress the Swedish teams for the Winter Olympics and Paralympics in PyeongChang 2018. The company will create outfits for the opening and closing ceremonies. The collection will...

Saurer to show Allma TechnoCorder TC2 at…

Saurer Technologies GmbH & Co. KG Twisting Solutions, a leading provider of energy efficient solutions for tire cord, carpet, staple, glass filament, and industrial yarns, will present its Allma TechnoCorder TC2 innovative machine...

Cone Denim and Unifi launch S Gene with …

Cone Denim and Unifi have launched the latest in advanced stretch technology - S Gene with Repreve . Combining the advanced stretch technology of S Gene with the superior sustainability and performance of...

Shima Seiki to partake in Premiere Visio…

Leading computerised knitting machine developer, Shima Seiki Mfg., Ltd., is set to participate at the Premiere Vision show, a global event for fashion professionals, to be held in Paris, from February 13 to 15, 2018...

Measurably more productive and econom- i…

Even if the winding machine is only responsible for about 10-15% of the energy consumption (compressed air and electrical energy) when considering the classic ring spinning process, these criteria play an important role...

Wool to dominate at Intertextile Shangha…

Some 3,300 exhibitors from around 20 countries covering all apparel fabrics and accessories product groups are expected at the Spring Edition of the industry’s most comprehensive sourcing platform for the spring/summer season, Intertextile...

South Asia to become second-fastest growing region: WB


(Asia)

The economy of the South Asian region—comprising Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka—will become the second fastest growing region in the world after East Asia and the Pacific, the World Bank has said.

The South Asian economy will expand by a real six percent in 2015 and by 6.4 percent in 2016 compared to 5.4 percent in 2014, says the World Bank in its twice-a-year ‘South Asia Economic Focus’ report.

Martin Rama, Chief Economist for South Asia at the World Bank, said, “The outlook over the next years for South Asia indicates broad economic stability and a pick-up in growth with potential risks concentrated on the fiscal and structural reform side.”

“Future growth will increasingly depend on strong investment and export performance,” he added.

According to the report, the Indian economy, which makes up about 80 percent of the South Asian region’s output, is set to grow by 6.4 percent in fiscal year (FY) 2015/16 after 5.6 percent in FY2014/15.

Reviewing the risks facing South Asia’s economies, the report says, “Political turmoil and non-sustainable fiscal policies could undermine stability and investor confidence, whereas sound macroeconomic policies and economic reforms could spur faster growth.”

Exports have recently shown a strong export performance in many South Asian countries, the report said, growing in the double digits in several of them. The depreciation of the Indian rupee in 2013, increase in export diversification by type of product, and an increase in the share of emerging markets in total exports indicate an increasingly stronger position of the South Asian region in global exports.

The rising labour costs in East Asia provide an opportunity for South Asia to become the manufacturing hub of the world; but achieving this will require boosting competitiveness.

On Indian economy, the report says, it is benefiting from a “Modi dividend”, and private investment is expected to pick up. The declining oil prices should boost private sector competitiveness. But economic reforms will be needed for India to achieve its full long-term growth potential, the report argues.

Pakistan, the region’s second biggest economy, is forecast to grow at 4.4 percent in FY2015 after 4.1 percent this year. Bangladesh’s economy is forecast to grow by 6.2 percent in FY2014/15 and an estimated 6.1 percent the past fiscal year. Sri Lanka is expected to continue its strong growth, at 8.2 percent in 2015 rising from 7.8 percent this year, according to the report. (RKS)


Fibre2fashion News Desk - India

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Middle East Textile Journal

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