In the course of last year, the economic climate cooled down world-wide; it was placed under additional strain in late summer by the Gulf crisis. In some industrialized countries, especially the USA, recessive trends have recently gained prevalence. Do indications for 1991 therefore point to a...

The weakness in the world economy, which began in autumn 1990, is lasting longer than expected. While the expansionary forces in Japan and west Germany increasingly lost momentum during the course of last year, the recovery from the recession in North America began to falter again after a short...