Quarterly Business Report: Close Call

The global crisis is no longer getting worse, says TIME's Board of Economists. But real recovery in Asia may take several years

It won't be dramatic. It might not even be recognizable for a long while; turning points often stand out clearly only in retrospect. But with all those caveats, it looks as if the global financial crisis is passing a rather modest turning point. At least it has stopped getting worse, and it may be contained in Asia rather than spread to other regions of the globe. As one happy result, odds favor the U.S. economy's getting through 1999 with nothing worse than a slowdown in growth--not the recession very recently feared.

That is the consensus of TIME's Board of Economists, which...

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