Business: Looking Up at Italy?

Not since it was established 14 years ago had the Paris-based Organization for Economic Cooperation and Development issued such a gloomy forecast. Released last week, its semiannual economic survey predicted more unemployment and more stagflation for almost all of the industrial countries throughout 1975. And the U.S., said the survey, is and will remain the "most depressed" of all the major countries.

Not too long ago, it was widely assumed that the resources-rich U.S. was better placed than other countries to ride out hard economic times. But the OECD economists reckon that the U.S. gross national product will decline by about 2%...

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