Page 5 - TEXtalks. March- April 2023

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Textiles juggling with recession, Resource

disruptions, Spike in energy prices; World

Water Day
Editor-in-Chief
Yousaf Fareed
As central banks across the world economies—the United States,
simultaneously hike interest rates China, and the euro area have
Editor in response to inflation, the world been slowing sharply. Under the
Hassan Saeed
may be edging toward a global circumstances, even a moderate
recession in 2023 and a string of hit to the global economy over the
Sub-Editor financial crises in emerging market next year could tip it into recession.
Arooj Sajid and developing economies that
Dr Sharjeel Abid would do them lasting harm, Policymakers should cooperate to
Kiran Malik
according to a comprehensive new alleviate global supply bottlenecks.
study by the World Bank. They should support a rules-based
Advisory Board: international economic order, one
Dr. Tanveer Hussain Unless supply disruptions and that guards against the threat of
Dr. Muhammad Tausif
labor-market pressures subside, protectionism and fragmentation
those interest-rate increases could that could further disrupt trade
Marketing Manager leave the global core inflation rate networks.
Memona Karim (excluding energy) at about 5
Qudsia Rahim
percent in 2023—nearly double the In any recession, the first cut that
five-year average before the consumers made is on textiles and
Layouts pandemic, the study finds. To cut clothing. It has been well
Faizan Khan
global inflation to a rate consistent established that apparel and
with their targets, central banks textiles are underused so in a
Marketing Incharge may need to raise interest rates by recession they decide to use them
Anusha Abid
an additional 2 percentage points, longer or reduce the purchase of
according to the report’s model. If textiles and clothing. The worst to
Circulation this were accompanied by suffer are the countries that
Muhammad Malik
financial-market stress, global GDP produce textiles and clothing for
growth would slow to 0.5 percent the West and United States. The
Address in 2023—a 0.4 percent contraction textile sector is the largest
C-302, City Towers in per–capita terms that would employer in most of these
Main Boulevard, Gulberg II meet the technical definition of a countries.
Lahore-Pakistan
global recession.
This World Water Day, a day once
Phone: + 92 42 35 788 700 The global economy is now in its in the year comes to unite
Fax: + 92 42 35 788 700
steepest slowdown following a everyone towards a common goal;
post-recession recovery since to save the most precious resource
Email: info@textalks.com 1970. Global consumer confidence in the world that is constantly
Skype: textalks
has already suffered a much emptying itself from the basket
sharper decline than in the run-up faster than we realize. What better
www.textalks.com
to previous global recessions. The day than today to ask oneself, how
world’s three largest can I be the change I want to see?

March/April 2023