It took two years for the American economic recovery to cross the Atlantic in strength, but it has finally arrived. Western Europe is entering 1985 on an upswing that promises growth of 2.8% over the next twelve months, the highest level in five years. European exports are strong, while inflation and interest rates are heading downward. Unemployment in Western Europe remains at an average of about 11%, but productivity per worker there is increasing at an annual rate of 3.5%, in contrast to some 2% in the U.S. This business pickup is bringing a long-overdue antidote to the pessimistic view that...
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