Word: downturn
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...gross national product will shrink at an annual rate of 2.5%, after adjusting for inflation, in the fourth quarter, and show smaller declines in the first half of next year, according to TIME's panel. (The economy grew at an anemic 1.4% rate in the July-September quarter.) The downturn would meet the official definition of a recession, which is at least two straight quarters of falling GNP. The panel said the U.S. appeared likely to resume slow growth by mid-1991 as the Federal Reserve Board lowers interest rates to stimulate business activity. That scenario would amount...
...realization that preserving the biosphere can also save money might be the salvation of the environmental movement if the industrial world should enter a deep recession. It is true that war or an economic downturn might divert resources that could otherwise be used for such projects as restoring wetlands and rivers. But Denis Hayes, the leading organizer of Earth Day, argues that hard times might have the positive benefit of causing people and businesses to change their throwaway mentalities and adopt a more conserving approach...
...public, Administration officials shy away from the R word -- recession, that is -- when talking about the economy. But now they privately acknowledge that the nation is in a serious downturn. Bush advisers say the economy will show negative growth for the fourth quarter at an annualized rate of nearly 3%. Says a senior analyst: "Chances are better than fifty-fifty that the first quarter of 1991 will be negative too." If that proves correct, the economic contraction would fit the generally accepted definition of a recession. Despite the bad news, the White House does not plan to change its wait...
...that most private economists have declared that the U.S. is in a recession, top government leaders began edging toward the R word last week. Federal Reserve Chairman Alan Greenspan became the first to acknowledge that the economy is shrinking when he told a congressional committee that "a meaningful downturn" had occurred in October and November and the GNP would probably decline for the fourth quarter as a whole. But Greenspan stopped short of calling the downturn a recession, which is officially defined as two straight quarters of a falling GNP. Said he: "We won't know whether...
Turning to an international issue, Boskin said the President's handling of the crisis in the Persian Gulf has prevented a great downturn in the U.S. economy...