By  on April 14, 2009

HONG KONG — Apparel executives who gathered at the Prime Source Forum here were focused on the global economic crisis. They assessed the impact of the recession worldwide on every aspect of the supply chain, from manufacturing to retailing.

“This is not a simple cycle,” economist Nicholas Kwan, regional head of research for Asia for Standard Chartered Bank, said in his keynote speech. “[Expecting an upturn] even next year is too optimistic in our point of view. Never have you seen so many institutions lost, so many instruments lost, so much of the industry lost. Investment banking no longer exists in America.”

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