Word: forecasted
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Dates: during 1980-1989
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While that statement heartened U.S. oil drillers, along came a more dire forecast by Mani Said al-Oteiba, the Oil Minister of the United Arab Emirates. He declared OPEC--the Organization of Petroleum Exporting Countries--to be in disarray and predicted that prices could fall as low as $5 per bbl. His remarks helped send the price of West Texas Intermediate, a benchmark crude, tumbling to $9.75 per bbl. Tuesday on the New York Mercantile Exchange...
Falling oil prices have greatly eased the problem of global inflation. Economists expect U.S. consumer prices to rise about 1.7% in 1986, the least since 1965 and about half the level forecast at the beginning of the year. Defused inflation has in turn enabled central bankers around the world, including the U.S. Federal Reserve Board, to stimulate their economies with fairly easy credit. When the leaders of the seven major industrial countries meet for an economic summit next month in Tokyo, they may push even harder for growth by agreeing to lower interest rates or cut taxes. Walter Heller...
...long that an unexpected development like poor Christmas sales or a falloff in auto production could tip the economy into recession. After good growth of 3.4% in 1983 and 6.6% in 1984, the U.S. economy in 1985 expanded just 2.4%. Nonetheless TIME's Board of Economists offers an optimistic forecast for American business, predicting steady if unspectacular growth in the coming year. Board members declared that the economy will move forward and avoid a recession...
Bishop Berkeley's 18th century dictum "Westward the course of empire takes its way" was borne out again last week by a Commerce Department analysis of urban demographic trends. The department forecast that by the year 2000, Los Angeles will surpass New York as the nation's largest metropolitan area, and that San Francisco will overtake Bridgeport, Conn., as the country's wealthiest. Los Angeles, which by 1982 had swept past Chicago to gain Second City status, is expected to swell to 8,870,000 regional residents. The San Francisco area will drop from 27th to 28th in population, with...
...senior U.S. officials went to Capitol Hill last week to tell the Senate Foreign Relations Committee about the outlook for the Philippines and President Ferdinand Marcos. Their forecast: stormy weather ahead for both. Assistant Secretary of State Paul Wolfowitz warned that the Philippines was heading toward "civil war on a massive scale." The pace of economic, political and military reform, added Assistant Secretary of Defense Richard Armitage, was "insufficient to arrest the growth of the (Communist) insurgency." The country could reach a "strategic stalemate" in as little as three years...