Word: importantly
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Dates: during 2000-2009
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...fury was directed at Prime Minister Andreas Papandreou, who two weeks earlier had introduced an economic austerity plan. With its call for a 15% devaluation of the Greek drachma, wage curbs, new taxes, import controls and cuts in public spending, the plan was designed to ease the country's roughly $6 billion budget deficit, its $3 billion balance of payments deficit and its $14 billion foreign debt. Despite the resulting labor confrontation, the government refuses to give way. Since the real impact of the austerity will not begin to be felt for months, Papandreou will probably win this round. Last...
...dollar does not stay down, American industries will keep pushing hard to raise import barriers. Last week the U.S. Senate approved a measure similar to one already passed by the House of Representatives that would curb textile and apparel shipments from a dozen exporters, including South Korea and Hong Kong. In addition, the U.S. International Trade Commission issued a preliminary ruling that low-priced Japanese products were hurting the American semiconductor industry. That could lead to import restrictions on computer chips...
Despite the difficulties of 1985, TIME's economists agreed that the year could be profitable if it encourages the Pacific countries to re-examine their economic strategies. Even the threat of Western import barriers could be helpful if it forces countries to find different trading partners and new ways to grow. Concluded Hong Kong's Chen: "Protectionism can be an early signal to adjust. And only countries that learn to adjust can prosper." --By Charles P. Alexander Forecasts by TIME's Pacific Board of Economists...
...producers. It assigned production quotas to members and then bought up surplus tin whenever international prices fell below a certain level. The surplus metal was then gradually sold off during times of greater demand, when prices were higher. The cartel does not include all nations that mine or import tin. The U.S., the world's largest tin importer, has not been a member since 1982. Nonetheless, the organization for years was able to influence the world price for the metal...
...response to the pressures being generated by China. Union leaders fear more job losses, saying the country will simply become a quarry and that pay and conditions will be cut in a "race to the bottom" with low-wage countries. Many firms that once thought themselves immune to import pressure are feeling China's productive muscle. "We have a two-China approach - the China we sell to, and the China we buy from," says Richard Leupen, managing director of the United Group, whose Newcastle-based Goninan company makes rail cars: soaring demand in the resources sector prompted Goninan to start...