Slow Recovery of the World Economy in 1992
The international business cycle is still heading downward. The expected recovery in the U. S. has not yet opt underway. Growth has decelerated markedly in Japan, a number of European countries are in recession (Finland, U. K., Sweden, Switzerland). Countries benefitting directly or indirectly from German unification are gradually feeling the influence of the world wide growth recession. GDP growth in the OECD area is falling to its lowest rate in nine years (+1¼ percent in 1991) and will take time in gaining momentum (1991 +2½ percent, 1993 +3 percent). The recovery will be particularly slow in OECD Europe.