Business: Bullish Europe

It should outdo the U.S. in '79

While the U.S. is tamping down its economy to fight inflation and strengthen the dollar, Western Europe is beginning to emerge from the stagnation that began when oil prices were quintupled in 1973-74. The result will be "a scissors movement"—Europe's economies will move up, while U.S. growth declines in 1979. This metaphorical prediction, from the 24-nation Organization for Economic Cooperation and Development, is one of the most optimistic forecasts that the Old World has seen in years.

There is a general feeling of revival in Western Europe, even...

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