Last December, just before Western Europe's third year of slump began, TIME'S European Board of Economists saw some glimmers of hope that an upswing might start in the latter half of 1982. Reunited last week in London, the same six board members agreed that the glimmers were gone. They have been extinguished mainly by persistent and punishingly high interest rates. The panelists now foresee a further slowing in Western Europe's economic growth for the rest of the year, accompanied by a steady rise in unemployment, which is already at a postwar high of...
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