Bangladesh garment sector pinched by recession
Abdus Salam Murshedy
In June the sector contracted 0.1 percent month-on-month after growing 9.6 percent in May  Abdus Salam Murshedy  president of the Bangladesh Garment Manufacturers and Exporters Association  told reporters late Tuesday.
 He said prices for Bangladeshi garment products have fallen 20 to 25 percent in the global market and the situation is taking a "serious turn". About 25 factories were shut down over June and July.
 "The buyers do not want to offer good rate anymore " he said as the entrepreneurs late Tuesday held a meeting with Members of Parliament in the capital  Dhaka  to discuss the crisis.
 "We are under tremendous pressure to keep us afloat " Murshedy said.
 Murshedy said the next three months till October would be the most challenging period for the industry as domestic issues including frequent power outages and a gas crisis are aggravating the situation.
 He demanded the government bring the entrepreneurs under a special stimulus package to support the sector at least until June 2010.
In June the sector contracted 0.1 percent month-on-month after growing 9.6 percent in May  [TGT]told reporters late Tuesday.
 [TGT] said prices for Bangladeshi garment products have fallen 20 to 25 percent in the global market and the situation is taking a "serious turn". About 25 factories were shut down over June and July.
 "The buyers do not want to offer good rate anymore " [TGT] said as the entrepreneurs late Tuesday held a meeting with Members of Parliament in the capital  Dhaka  to discuss the crisis.
 "We are under tremendous pressure to keep us afloat " [TGT] said.
 [TGT] said the next three months till October would be the most challenging period for the industry as domestic issues including frequent power outages and a gas crisis are aggravating the situation.
 [TGT] demanded the government bring the entrepreneurs under a special stimulus package to support the sector at least until June 2010.