GENEVA — Feeling the effects of the global economic slump, China’s exports are forecast to grow by 4.2 percent in volume next year compared with a projected increase of 10.1 percent for 2008, a World Bank report said.
From January through October, many key Chinese exports saw strong gains, with textiles up 20.6 percent to $55.3 billion. Apparel exports rose by 2.8 percent to $98.4 billion.
But the World Bank’s “World Economic Prospects 2009” report forecasts a more tepid performance for world trade volume, which is expected to contract for the first time since 1982 to post a 2.1 percent decline compared with this year’s anticipated 6.2 percent expansion.
The main mechanism for the economic slowdown in rich and emerging countries next year will be through investment, which is estimated to decline 3.1 percent in high-income nations and to slow in developing nations to 3.4 percent from more than 13 percent in 2007.
Emerging economies, which next year will generate 100 percent of global growth, are also expected to face higher borrowing costs and reduced access to capital, the report said.
Global economic growth in 2009 is forecast to decline to 0.9 percent, with emerging economies expanding by 4.5 percent, down from 6.3 percent this year. Expansion is projected to turn negative in high-income nations, with growth in the U.S. expected to contract by 0.5 percent and by 0.6 percent in the European area.
In China, where growth in the third quarter of 2008 eased to a gain of 9 percent year-over-year, expansion next year is expected to increase by 7.5 percent, substantially down from the high of 11.9 percent recorded in 2007.
The study warns that the global financial turmoil “could intensify further, sparking a prolonged credit crunch and a global recession,” and adds that the possibility the situation in rich nations may “deteriorate substantially cannot be ruled out.”
“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