GENEVA — The Cambodian economy is forecast to grow 6.7 percent in 2013, up from last year’s 6.5 percent, driven by resilient exports, largely of apparel, an International Monetary Fund report said.
The report said apparel exports “continued to expand by 10 percent (year-to-year) during the first three quarters of 2012, in part thanks to improved access to the European Union.”
Apparel accounts for more than 80 percent of Cambodia’s exports of goods. Overall, the IMF projects exports to grow 10.7 percent in 2013 to $6.3 billion and inflation to average 3.8 percent.
The IMF country assessment cautions the outlook is subject to considerable risks stemming from the fragility of the world economy, and from some domestic factors, including potential labor unrest. In a risk assessment, the IMF said, “Prolonged labor disputes and strikes could erode Cambodia’s competitiveness over the medium term.”
It also warns that spillovers from a deterioration of the euro zone financial crisis could be significant for the Southeast Asian nation of 14.5 million people. But the IMF noted that the impact, so far, “has been relatively contained, given Cambodia’s special zero-tariff access to the European Union.”
The IMF concluded that growth in Cambodia could reach 7.5 percent by 2017, but said this depends on a pick-up in the global economy and continued structural reforms, including the modernization of infrastructure.
Der Jiun Chia, a member of the IMF executive board from Brunei, in a presentation on behalf of Cambodia, said 1,015 megawatts of electricity generation capacity would be added in 2012-13 from the operation of six hydro power projects. The provision of more affordable electricity would also help boost export growth, especially in the manufacturing and apparel sectors, the official noted.
The Garment Manufacturers Association of Cambodia has often singled out higher electricity costs, along with lower productivity, as key factors why total manufacturing costs in the country, despite lower wages, are about 20 percent higher than in neighboring Vietnam.
Donatella Versace will receive the International Award at the 2018 @cfda awards, which were announced tonight. Tap link in bio for a list of all the nominees and honorees. #wwdnews #wwdfashion (📷: @rahirezvanistudio )
The 2018 @cfda Awards nominees are out! @virgilabloh for @off____white for is nominated for Womenswear Designer of the Year. Tap link in bio for all the nominees. #wwdnews #wwdfashion ( 📷: @simonelezzi)
@chanelofficial is suing high-end vintage retailer @whatgoesaroundnyc for trademark infringement, a move that could cost the retailer millions. The French fashion house claims that it’s not only unintentionally sold counterfeit goods on occasion, but that it’s “gone out of its way to create an association with Chanel,” which does not exist. Read Chanel’s statement on WWD.com #wwdnews (@aitorrosasphoto)
Exclusive: Guillaume Henry has left @ninaricci, the fashion house said on Thursday. “After three years of mutually gratifying creative collaboration, Nina Ricci and Guillaume Henry have together decided that the designer will depart the house after the presentation of the fall-winter 2018-19 collection,” Ricci said in a statement. Get all the details on WWD.com #wwdfashion (📷: @aitorrosasphoto)
“When Bella enters a room all heads turn,” said @peterphilipsmakeup, creative and image director for @diormakeup. Last night, the two celebrated the product launch of Dior’s Lacquer Plump in Los Angeles with other celebs like @parisjackson, @winnieharlow and more. Head to WWD.com to see the rest of the photos from the night (📷: @chelsealaurenla) #wwdeye
“These shirts are an art form, it’s about getting the message out to as many people as you can. It breaks down the pretentiousness of the art gallery,” says Kumasi Sadiki, cofounder of @ebayontheblock, a store that sells merchandise by New York artists who are shifting their attention to clothes as a wearable medium. Pictured here is a design by artist @joegarvey_, one of the first to spearhead this movement. Head to WWD.com to read @mistywhitesidell full story on how their designs have become merch for the underground elite #wwdfashion
@netaporter is dedicating a part of its website – called the Fine Jewelry and Watch Destination – to highlight its high-end jewelry. The hub will feature products on the site, as well as incorporate styling advice and educational content about high-priced jewelry items. Get more details on WWD.com. #wwdaccessories
For “The Cher Show,” an upcoming musical based on @cher’s life and career, @bobmackie is once again collaborating with the singer in designing the costumes. For decades, Mackie has designed glitzy stage costumes and red carpet looks for the 71-year-old Grammy winner. Pictured here is a sketch of some of the pieces in the wardrobe of the musical, which is set to debut in Chicago on June 12 before making its way to Broadway #wwdeye