Word: downwardly
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...epic oil plunge of the 1980s started out slowly and a bit remotely. To most people, it was just a downward-sloping diagram on the financial page, an abstract reminder of the mysterious world of desert oil wells, filthy-rich Arabs and the irritating antics of OPEC. But suddenly oil's new situation is hitting home with the wallop of a 42-gal. oil barrel dropped on the front porch. Last week consumers, businessmen and traders around the world watched in awe as the price of crude dipped below $10 per bbl. for the first time in almost a decade...
...People's Army. Though the insurgency is concentrated on Mindanao and some other southern islands, it spread after the Aquino assassination to 60 of the country's 74 provinces. In addition, the killing of Aquino created a nationwide crisis of confidence that caused the already stagnant economy to spiral downward, even as most other Southeast Asian nations were prospering. After the assassination, says an American official, "all these concerns took a quantum leap...
Last week Sheik Ahmed Zaki Yamani, the Saudi oil minister, issued a stern warning. Without a new agreement to curb production, Yamani said, "there will be no limitation to the downward spiral that may bring crude prices to less than $15 per bbl., with adverse and dangerous consequences for the whole world economy." The threatening words pushed prices into a free fall. North Sea oil dropped to $17.70 per bbl. before recovering a bit to finish the week...
...medicines and basic foods. He also increased salaries for government workers 17%, hiked the minimum daily wage for peasants and industrial workers from $1 to $1.60, and froze rents on low-income housing. But these measures are not likely to stave off labor unrest if the country's downward economic spiral continues...
...forecasting moderate growth for next year, board members assumed a continued downward drift in the foreign exchange value of the dollar. The U.S. currency has already fallen 17.5% since it peaked last February. The highflying dollar was the primary cause of a huge trade deficit because it made American exports expensive for foreigners and imports cheap for U.S. consumers. Last week the Commerce Department reported a $33 billion shortfall between America's exports and imports for the third quarter. By year's end the trade deficit will probably reach $145 billion. As the dollar weakens, the deficit should diminish. Said...