Textiles UOB projects Vietnam's economy to expand at 5.5% in Q1, 6% in 2024 13 Mar '24 2 min read Pic: Adobe Stock Insights Vietnam's economy is projected to expand at 5.5 per cent in Q1 2024 and at 6 per cent in the full year, the United Overseas Bank Ltd recently said. Inflation is projected at 3.8 per cent in 2024. Exports were worth $58 billion in the first two months this year—up by 17.6 per cent YoY. Imports were up by 17.7 per cent YoY at $54.4 billion during the period. With manufacturing and trade regaining momentum, the economy in Vietnam is projected to expand at 5.5 per cent in the first quarter (Q1) this year and at 6 per cent in the entire year, according to the United Overseas Bank Limited (UOB). Inflation is projected at 3.8 per cent in 2024.“We expect this pace to be sustained, especially in the second half of 2024, as the recovery in the semiconductor industry is firmer and global central banks are starting to operate more appropriate interest rate policies,” Vietnamese media reports quoted UOB executive director for global economics and markets research Suan Teck Kin as saying.Vietnam's economy is projected to expand at 5.5 per cent in Q1 2024 and at 6 per cent in the full year, the United Overseas Bank Ltd recently said. Inflation is projected at 3.8 per cent in 2024. Exports were worth $58 billion in the first two months this year—up by 17.6 per cent YoY. Imports were up by 17.7 per cent YoY at $54.4 billion during the period.Exports were worth $58 billion in the first two months this year—up by 17.6 per cent year on year (YoY). Imports were up by 17.7 per cent YoY at $54.4 billion during the period.Industrial production grew by 5.7 per cent during the period, while the same two-month period last year witnessed a drop of 2.2 per cent.The drops in industrial production and export in February were because Tet (new year) holidays. Production and business are returning to normal operation.The country’s manufacturing purchasing managers' index was above the 50 no-change mark with both output and new orders up for the second month straight in February. Fibre2Fashion News Desk (DS) More Textiles News - Vietnam...
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Textiles US' economy set for 2.5% growth in 2024: Report 01 Apr '24 1 min read Pic: Adobe Stock Insights US' economy is projected to increase by 2.5 per cent in 2024, following a 3.1 per cent increase in Q4 2023, but a slowdown to 1.8 per cent by Q4 2024 is expected, according to an S&P Global report. Despite reduced recession risks, demand factors like consumer and government spending may decrease, while net exports could boost the economy. The US economy is gearing up for a repeat performance of last year's success, with a projected average growth of 2.5 per cent in 2024, buoyed by a strong labour market, according to a report by S&P Global Ratings. This growth rate mirrors the performance against global peers observed last year. However, this average figure may paint an overly rosy picture of the economic landscape. A robust carryover from Q4 2023, which saw an annual growth rate of 3.1 per cent, somewhat obscures the expected slowdown to 1.8 per cent by Q4 2024.The likelihood of a recession in the next 12 months has diminished since last spring. Despite this, the demand-driving factors of 2023, notably consumer spending and direct government spending, are anticipated to wane over time. Moreover, the constrictive monetary policy is set to curb fixed business and residential investment. Net exports, on the other hand, are expected to contribute positively to the economic outlook, as per the Economic Outlook US Q2 2024 report.US' economy is projected to increase by 2.5 per cent in 2024, following a 3.1 per cent increase in Q4 2023, but a slowdown to 1.8 per cent by Q4 2024 is expected, according to an S&P Global report. Despite reduced recession risks, demand factors like consumer and government spending may decrease, while net exports could boost the economy.A detailed analysis reveals that while the US economy starts the year on strong footing, the growth is predicted to decelerate gradually through to Q4 2024. Fibre2Fashion News Desk (DP) More S&P Global Ratings News... More Textiles News - United States Of America...
Textiles AMRO cuts ASEAN+3 region's 2023 growth forecast to 4.3% 06 Oct '23 2 min read Pic: Shutterstock Insights The ASEAN+3 region's projected growth for 2023 has been adjusted to 4.3 per cent from July's projection of 4.6 per cent, due to China's slower Q2 growth. While 2024 growth remains at 4.5 per cent, global economic challenges and rising inflation pose concerns. Potential US and euro area recessions could further impact growth of the ASEAN+3 region. The Association of Southeast Asian Nations Plus Three (ASEAN+3) region is forecast to grow by 4.3 per cent in 2023, down from July’s projection of 4.6 per cent, mainly due to the weaker-than-expected growth in China in the second quarter, according to the October quarterly update of the 2023 ASEAN+3 Regional Economic Outlook (AREO) by the ASEAN+3 Macroeconomic Research Office (AMRO).AMRO maintained its 2024 growth forecast for the ASEAN+3 region. AMRO expects the region to expand by 4.5 per cent in 2024, as the impact of China’s policy support measures to boost domestic demand materialises more fully.Despite the less sanguine outlook for the global economy next year, growth in the region will be supported by the expected turnaround in manufacturing exports and improving growth momentum in China, as per AMRO.The ASEAN+3 region's projected growth for 2023 has been adjusted to 4.3 per cent from July's projection of 4.6 per cent, due to China's slower Q2 growth. While 2024 growth remains at 4.5 per cent, global economic challenges and rising inflation pose concerns. Potential US and euro area recessions could further impact growth of the ASEAN+3 region.This, along with the gradual pick-up in durable goods consumption in the US and the anticipated recovery of the global technology cycle, should boost regional exports next year amid expected weakness in the global economy.Inflation in the ASEAN+3 region—excluding Lao PDR and Myanmar—is forecast to moderate to 2.6 per cent in 2024, from this year’s estimate of 2.9 per cent. However, the resurgence of global energy prices in recent months is sparking concerns of another commodity price spike, with the risk of higher inflation becoming more salient.AMRO also warns against fully discounting the risk of recession in the US and euro area, especially in an environment where global interest rates could stay higher for longer. Should recession in both economies materialise, growth in the ASEAN+3 region could slide below 3 per cent—the lowest since 1998 barring the pandemic-induced slowdown of 2020.“Despite the gloomy headlines surrounding China’s economic performance, we must view things in perspective,” said AMRO chief economist, Hoe Ee Khor. “Manufacturing investment is holding up and consumer spending is starting to get back on track—these should have positive spillover effects across the rest of ASEAN+3.” Fibre2Fashion News Desk (DP) More Textiles News - Asia...
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Textiles India's GDP growth to ease to 6.2% in FY25 from 6.6% in FY24: ICRA 29 Feb '24 2 min read Pic: Adobe Stock Insights India's GDP will expand YoY at close to 6.2 per cent in FY25, estimates ICRA. As GDP growth is expected to ease to 5.3 per cent in Q4 FY24 from the anticipated 6 per cent in Q3, this translates to a 6.6-per cent growth in FY24. CPI inflation moderated to 5.4 per cent in Q3 FY24 from 6.4 per cent in Q2, before easing to 5.1 per cent in January 2024. Indian rating agency ICRA estimates the country’s gross domestic product (GDP) to expand year on year (YoY) at close to 6.2 per cent in fiscal 2024-25 (FY25).As GDP growth is expected to ease to 5.3 per cent in the fourth quarter (Q4) of FY24 from the anticipated 6 per cent in Q3, this translates to a growth of 6.6 per cent in FY24 from 7.2 per cent in FY23.India's GDP will expand YoY at close to 6.2 per cent in FY25, estimates ICRA. As GDP growth is expected to ease to 5.3 per cent in Q4 FY24 from the anticipated 6 per cent in Q3, this translates to a 6.6-per cent growth in FY24. CPI inflation moderated to 5.4 per cent in Q3 FY24 from 6.4 per cent in Q2, before easing to 5.1 per cent in January 2024.The latest estimate for FY24 is marginally higher than ICRA’s earlier estimate of 6.5 per cent.Headwinds owing to the spillover of the ongoing weakness in rural demand in early-FY25, a slowdown in the government’s capital expenditure and construction activity during the first half of the fiscal and a continued weakness in export growth are expected to weigh in on the growth in economic activity in FY2025, ICRA said in a note.The consumer price index (CPI)-based inflation witnessed a broad-based moderation to 5.4 per cent in Q3 FY24 from 6.4 per cent in Q2, before easing to 5.1 per cent in January this year.It is expected to soften further to sub-5 per cent each in February and March this year, resulting in an average inflation of 5.3 per cent for FY24. Thereafter, ICRA expects CPI inflation to ease to 4.6 per cent in FY25, assuming a normal monsoon this year.It foresees a rate cut cycle of 50-75 basis points (bps) to commence in the August 2024 policy meeting, with a stance change in the preceding review, after there is some visibility around the monsoon turnout. Fibre2Fashion News Desk (DS) More Textiles News - India...
