Word: preslump
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Dates: during 1977-1977
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...Economic Research, combining such measures as gross national income, output, sales and employment, shows that the summit seven as a group have largely regained their pre-recession heights of economic activity (see chart following page). But the progress is erratic. Except for the U.S., only Italy has surpassed its preslump industrial output-and Italy has other grave problems...
WEST GERMANY remains Europe's economic locomotive. It has just about recovered its preslump level of industrial output (97%), and its export performance is awesome; the trade surplus totaled $14 billion in 1976. But unemployment remains high at more than 1 million, or 4.6% of the labor force. Chancellor Helmut Schmidt has forecast a 5% growth rate in 1977, but several reliable economic institutes now expect a shortfall, indicating the need for stimulus. Despite fears of inflation, Schmidt is backing a $7 billion revival program with $1.5 billion to be spent this year...
JAPAN, despite a slower industrial recovery (85% of the preslump production level has been reached), is regaining its earlier vitality. The government is pumping $26 billion into the economy, mainly through big public works projects. Japan's revival distresses the European Community and the U.S. Both are pressing for voluntary Japanese curbs on some exports and greater purchases of imports. Japanese inflation, about 9.3% in 1976, is expected to cool to 7.7% or less this year...
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