GENEVA — With the economic slump projected to deepen worldwide in 2009, marked by hikes in unemployment and declines in output and consumer demand, projections are for contractions in international trade, accompanied by calls for protectionist measures.
The textiles and apparel industry is not expected to be spared from the economic onslaught, but overall the sector is anticipated to be impacted less than more vulnerable ones, such as automobiles, housing, travel, machinery and other big-ticket items normally more affected by recessions, experts said.
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