Word: downturns
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Dates: during 1990-1999
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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...
...Americans must scramble to cope with hard times and keep up their hopes that the recession turns out to be no worse than a moderate one. Yet the downturn could have a silver lining if it forces Americans to confront the legacy of 1980s-style borrowing and spending, which threatens to stifle growth for years to come. "We simply cannot go on doing business as usual in so intensely competitive a world," Sinai said. "This downturn may be a catalyst that will wake up the nation." If the recession does help inspire the U.S. to face its long-term economic...
...Word Most Desperately Avoided Federal Reserve Chairman Alan Greenspan called it a "meaningful downturn." Chief White House economist Michael Boskin dismissed it as a "lull." President Bush described it as a "slowdown." But by the end of the year, everyone saw it for what it was: a recession...
...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...