Word: stagnant
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Dates: during 1980-1989
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Iran, whose major condition for peace has been Saddam Hussein's ouster, is also feeling the pinch of the stagnant conflict. In an effort to placate the populace, which is becoming increasingly unhappy with stringent wartime economic conditions, the Supreme Judicial Council two weeks ago designated special courts to try corrupt government officials and businessmen. Seventeen offenders are already on trial, with scores more expected to follow...
AUSTRALIA. In 1982 and early 1983 the Australian economy was virtually stagnant. But in the twelve-month period ending last June, production suddenly spurted by 10%, its best performance in 25 years. About a quarter-million jobs were created, and unemployment fell from 10% to 8.8%. Said Peter Drysdale, executive director of the Australia-Japan Research Center at the Australian National University in Canberra: "Australia is moving from a spectacular recovery into a period of solid and sustained growth...
...slump in oil prices is causing a mixture of harm and good outside OPEC. Last week several U.S. oil firms reported stagnant or declining profits for the third quarter. Mobil's earnings fell 41%, to $238 million, compared with the same period last year. But low-cost fuel is producing some consumer bargains. Last week People Express Airlines, citing a decline in aviation-fuel prices, slashed fares by about one-third on five heavily traveled eastern routes...
...Twelfth Central Committee, Chinese leaders released a 16,000-word resolution outlining a complex package of new economic reforms. The program consolidated Deng's five-year attempt to promote a free-market system in the countryside. More important, the new scheme extended those reforms to the long-stagnant cities, thereby promising the "invigoration" of notoriously sluggish industries and offering 200 million urban workers a chance to catch up with some of the 800 million peasants who have been enjoying the fruits of free enterprise for half a decade now. With startling candor, the document conceded that although socialism...
Another cloud on the horizon is the economy. Industrial output is stagnant. Unemployment hovers around 14% nationwide and runs as high as 40% in some places. Foreign debt has risen to $3.4 billion, and export revenues (primarily from bananas, shrimp and light manufacturing) are falling. Panama is not benefiting much from the country's famous waterway, which was transferred to joint U.S.Panamanian administration under the 1977 Panama Canal treaties. The Big Ditch, historically a not-for-profit concern, last year showed an operating loss of $4 million, reflecting a worldwide shipping slump. One of Ardito Barletta's first...