Global growth key to future manufacturing says top economist

The health of manufacturing, both in the textile industry and beyond, will be largely affected by global growth, according to Barry Eichengreen, professor of Economics and Political Science at the University of California, Berkeley.

“The central challenges for global growth in the next five years are unresolved debt problems in the US, Europe and Japan and the possibility of a sharp growth slowdown in China,” said Professor Eichengreen.

One of the world’s most eminent economists, Professor Eichengreen argues that whilst some suggest financial growth may shift from Asian markets to the West, global investment should not be understood in terms of a zero-sum game.

“There’s no reason why Asia can’t maintain current rates of investment, assuming it avoids inflation and financial problems, while at the same time the West can invest more, assuming that we get a handle our debt and deficit problems.”

Professor Eichengreen will be discussing the global industrial landscape at the inaugural ITMA-ITMF World Textile Summit, in particular focusing on competition between advanced countries and emerging markets. As one of the Summit’s keynote speakers, he will deliver insights into the future of the global economy and the industrial prospects of its major players.

The one-day Summit offers a line-up of eminent speakers, covering a range of topics strategically vital to the future of the world’s textile enterprises.

“Textiles and apparel may be the world's most globalised industry.  Only through a summit like this can one truly see the extent to which this is true,” said Professor Eichengreen.

The ITMA-ITMF World Textile Summit (www.worldtextilesummit.com) will take place on September 21 at the Hotel Rey Juan Carlos I in Barcelona, one day ahead of the opening of the ITMA 2011 textile and garment machinery show in the same city.

The Summit is the first joint initiative between the European Committee of Textile Machinery Manufacturers (CEMATEX) and the International Textile Manufacturers Federation (ITMF), and is being organised in partnership with the World Textile Information Network (WTiN) and international event organiser MP International. Sponsors include Oerlikon Textile, Newlife by Filature Miroglio and Royal Ten Cate.

Posted: July 2011

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