Word: forecasters
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Dates: during 1970-1979
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...Paris-based Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
...determination-that the hostages must be freed. Some Administration officials see not just deadlock and frustration in the events of the past weeks, but an opportunity too. They interpret the national mood as marking the end of the Viet Nam decade of doubt about America and its role. They forecast a substantial increase in the U.S. armed forces and a willingness to make it plain that these forces would be used to defend America's just interests...
...give men a forecast of troublesome years...
...sold under contracts of three months or more, OPEC members are clamoring for a hefty new increase when the cartel meets in Caracas on Dec. 17. Notes a top Carter Administration official: "Spot prices are the locomotive now dragging OPEC prices along." Adds Data Resources' Eckstein: "Our present forecast has OPEC prices going to $26 per bbl. during 1980, as a result of the current situation in Iran, and perhaps $29 in 1981. But if Iran's production shuts down completely, the resulting shortfall would mean that we could well be paying between $35 and $40 long before...
...world economy would be severe. U.S. consumer prices would continue rising at a dizzying double-digit pace, forcing the Federal Reserve to stick by its anti-inflation policy of sky-high interest rates much longer than expected. The almost inevitable result: a deeper recession than so far forecast. Despite slumping growth, the nation's oil import bill, which is projected to total $61 billion this year, would leap to $96 billion in 1980. That in turn would keep the dollar's value dropping, while provoking yet more demands by oil states for compensating price increases. The vicious cycle...