Word: upturning
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...office towers rise in curvilinear splendor. On the West Side, the first of a series of high-tech parks has opened, with two genetic-technology firms as the first tenants. Plans for the 1992 World's Fair are under way. Indeed, a local business publication predicts a spirited upturn this year and says the long-term future looks even brighter. Still, in the other part of Chicago, the old world of smokestacks and stockyards, the recession dominates. The city has lost 160,000 jobs in the past decade, mostly in manufacturing. The steel mills that rim Lake Michigan from...
...produced the sort of wide-ranging answers needed. What is acknowledged is that there are no quick fixes. The only lasting solution would be an upturn in the world economy, setting the industrialized world's plants humming with new business, lessening calls for protectionism, and increasing demand for the borrowing nations' commodities. That would sharply improve the economies of the Third World and the East bloc as well and in turn make it easier for them to repay borrowings on time and in full. Says Nicholas Hope, chief of the World Bank's external-debt division: "Trying...
...global upturn lies months, possibly even years, away. In the meantime, experts are trying to move beyond the Band-Aid measures applied in recent weeks. Few ideas are completely worked out or indeed acceptable and appealing to all. Among the proposals...
...best, the upturn will be slow and feeble. The board foresees growth in the gross national product, after adjustment for inflation, of about 3% next year, which would be only half the pace of most past recoveries. Even that modest progress will be in jeopardy unless the White House and Congress take decisive action to boost consumer confidence, lower interest rates and convince the financial markets that alarming federal deficits can be curbed. Said Otto Eckstein, a Harvard professor and chairman of the Data Resources economic consulting firm: "We're all hoping and praying for a recovery...
TIME's board warned, however, that a recovery is not assured. Reason: interest rates may still be too high to support an upturn. Since July, the benchmark prime rate on bank loans has dipped from 16% to 11.5%, but that level is 6.5 points higher than the 5% inflation rate. Historically, the cost of borrowing money has usually been only 2 to 3 points above the rate of price rises. Consumer credit remains discouragingly expensive. Bank of America, for example, charges 22% on personal loans...