Global Wool Production Increased Slightly In 2009
The IMF research department released the latest economic development forecast at the beginning of the two quarter. The report shows that global economic growth in 2008 was lower than the beginning of the year. The IMF expects global economic growth to decrease by 0.5% in the first quarter of 2008 compared with the first quarter of 2008.
The deterioration of the market environment and the stop of US growth will have an impact on the economic behavior of other developed economies. Because of economic turbulence and trade spillover, the Western European economy will become the biggest shock economy. The potential impact of falling property prices and inflationary pressures also cause consumers unrest.
The slow growth of the developed economy itself may have a certain impact on the consumption of clothing wool. According to the Woolmark, the developed economies account for 55% of global clothing demand.
So far, emerging economies are more resilient and better able to cope with the pressure of global economic slowdown. The new economy continues to develop rapidly, mainly in India and China. These two countries are the main buyers of oil and wool in Australia, and they also export their woolen garments to the main developed economies.
In 2008, the development energy of India and China may be relatively moderate, but the output may continue to grow, and some domestic commodity resources are not affected by the global commodity price rise. Their domestic clothing consumption risks are small.
The IMF forecasts that the global growth rate in 2009 is slight, indicating that financial institutions should solve the problems they face in the developed economies. In 2009, the US and Japan's economic development forecast improved, but the euro area and the UK's growth expectations were not as good as those in 2008.
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