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.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast