Word: downturns
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Dates: during 1970-1979
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...will not be clear even when the final gavel ends the OPEC meeting in Geneva and the economic summit in Tokyo. But the prospects are cheerless: at best, a slowdown in global growth, accompanied by more inflation; at worst, an outright recession?also accompanied by more inflation. Already, the downturn-that-might-be has picked up a name. Washington economists are calling it Khomeini's Recession?after the Ayatullah Ruhollah Khomeini, whose Iranian revolution began the oil shortages and rocketing prices that are causing world economic anxiety...
...next OPEC-spurred downturn will hit countries big and small...
...moderate decline in output probably will continue for six to nine months, after which the economy will rise again. Board members are unanimous in their view that since the downturn is inevitable, the sooner it occurs, the shallower, less lengthy and more effective in damping inflation it will be. Said David Grove, a consultant to IBM and other major companies: "It would be better to take our medicine quick...
...latest energy shocks make a recession in 1979 more likely than ever. The downturn may also come sooner than originally thought, a possibility reinforced by another Government report: the index of leading economic indicators fell by a sharp 1.2% in January, the third consecutive monthly decline...
...Officials agree that only a troubled economy could cause the Corporation to decide against launching the drive. "If it gets much worse than a mild recession, we'd be crazy to kick off a drive," Glimp says. "If the drive gets delayed or put off, a really severe economic downturn would be the cause," according to Gibbens...