Word: courtises
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There is relief because the global meltdown that many feared a year ago has not materialized. "We got very close to the edge of a financial crisis we haven't seen since the 1930s, which had the potential of pulling into that vortex the financial institutions and markets of the...
The most worrisome problem is the trade deficit, now running in excess of $150 billion annually. The humming U.S. economy is sucking in imports, while struggling economies in Asia and Latin America have cut their purchases of American goods and services. The result is a current account deficit--the measure...
Other panelists voiced doubts about Europe's prospects. Courtis argued that high taxes and overregulation are hobbling growth and locking in high unemployment (currently 10% to 12%). Courtis and Hormats also wondered if Europe was doing enough to import from emerging economies and the U.S., especially since the American trade...
The economists agreed, however, that finally, the outlook for Japan is up. From a 3% contraction of the economy in 1998, Japan is likely to claw back to zero in 1999, on the way to real growth in 2000. "After being pessimistic about Japan for four or five years," says...
As Japan's economy lumbers forward, its lending to Asia should help recovery there, as will its imports of Asian goods. The heft of Japan's economy means every small uptick will help the U.S. export more. "The difference in lost output between -3% growth and 2.5% growth in Japan...