Economic Growth Slows down in Western Industrial Countries
Growth of the world economy has levelled of in the fall of 1989. The effects of the marked slowdown in the U. S., Canada, and the United Kingdom are only partly offset by the strong performance of the other economies. Hefty gross capital formation in Europe in anticipation of the year 1992 (completion of the Single Market) remain the backbone of the current upswing. A restrictive monetary policy succeeded in braking inflation. Despite substantial employment gains the reduction in unemployment makes only slow progress. The forecasts up to 1991 imply a "soft landing", i. e., a slight slowdown of economic growth in the OECD countries from 4.4 percent in 1988 to 3 percent in 1991.
Abkühlung der Konjunktur in den westlichen Industriestaaten; Economic Growth Slows down in Western Industrial Countries
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