Business: But Europe Is In a Stall

A comeback bogs down

The European recovery, which seemed in early summer merely to be slowing down, now shows signs of petering out altogether. The Paris-based Organization for Economic Cooperation and Development reckons that the average rate of expansion in Western Europe will not increase at all for at least the next twelve months from its present lackluster 2.75% a year, hardly sufficient to create jobs for the more than 7 million Europeans currently out of work. Unemployment, which has stood at record postwar levels in some countries since 1974, is expected to grow...

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