Word: though
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Dates: during 1970-1979
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...that spending by consumers, which has been the chief engine of the nation's 50-month-old recovery, is slowing substantially. The nation's output of goods and services grew by a paltry .8% in the first quarter. For April and May, industrial production actually declined, though only slightly, for the first time since January 1978. The standard forecast now is for a shallow slump lasting no more than two to three quarters...
West Germany. The Germans' economy is, as usual, in better shape than any of their European neighbors'. The big worry, also as usual, is rising inflation: though prices increased a mere 2.6% in 1978, inflation so far this year has been running at an annual rate of 7.4%, a figure that might be cheered elsewhere but is regarded with concern in this inflation-phobic nation. German exports are surging and now account for fully 12% of total world trade-the same...
Britain. Despite the efforts of Margaret Thatcher's new Conservative government to rein in double-digit inflation by trimming spending, the country's economic outlook remains bleak. Though Britain's North Sea oil supplies have eased its dependence on-OPEC, British exports are still not strong enough to pay for its imports...
...short periods in the major institutions of industrialized nations. Much of this money was loaned to the hard-pressed developing countries to help them pay their ever heavier oil bills. The international banking system came through that operation in much better shape than many of the pessimists believed possible, though the amounts involved were huge...
...Though bankers agree that they are nearing the point where additional loans to LDCs could be an unacceptable risk, relatively well-off countries such as Mexico, with its new-found oil riches, and Brazil will continue to find a welcome. Middle-income states such as South Korea, the Philippines and Taiwan will also find lending officers receptive. But the traditional weaklings, such as Dahomey, Upper Volta, Turkey, Zaire, Egypt and others, will face a real struggle trying to get additional loans. Says one White House economist: "For the weaker LDCS the choice will be either lowering their living standard...