– ASIAN GROWTH TO MODERATE: Emerging economies in the Asia-Pacific region are forecast to have a moderation in growth to 7.7 percent in 2008, down from 8.2 percent last year, as a result of the U.S. economic downturn, a United Nations report predicted. China and India are expected to be the least impacted and to notch above-average growth, with China’s economy growing 10.7 percent, down from 11.4 percent last year, on the strength of exports. India is estimated to maintain growth this year at 9 percent, the same as 2007. But the U.N.’s “Economic and Social Survey of Asia and the Pacific 2008” warned the U.S. housing credit crisis “is still unraveling” and could result in further turmoil in financial markets. A sharp downturn could severely hit Taiwan, Singapore and South Korea, triggered by falls in exports to the U.S., and also hurt exports from Indonesia, Thailand, the Philippines and Malaysia.
– VF PROMOTES BAXTER: VF Corp. has promoted Scott Baxter to president of the company’s $988 million imagewear coalition. Baxter, 43, replaces Ed Doran, who has departed. Baxter joined VF in November 2007 as president of the imagewear segment’s activewear division, which markets apparel for the National Football League, Major League Baseball, National Hockey League, National Basketball Association and Harley-Davidson. He will report to Eric Wiseman, president and chief executive officer.
This story first appeared in the April 2, 2008 issue of WWD. Subscribe Today.