Business: Slow, Slow, Slow

Europe is in trouble

The U.S. economy may be chugging along nicely, but much of the rest of the world is close to a new recession. That was the sobering message of a report on 1977 and forecast for 1978 published last week in Paris by the Organization for Economic Cooperation and Development. The OECD's words carry weight because its 24 member countries make up just about the whole non-Communist industrial world.

According to the OECD, the biggest trouble spot is Europe, and it is easy to see why. While unemployment has been coming down gradually in the U.S., Europe's jobless rolls have...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!