Global Recession Threatens World Economy.

• Position: Brief Article

For the first time in years, a global recession looms as a real possibility. The United States may or may not already be in a recession, depending on how it is measured. Europe still is growing but the steam has gone out of its recent mini-boom and industrial output has begun to fall. Japan is in the worst shape of the lot. Usually, these Big Three economies do not move up or down together, but they now are stricken simultaneously, and the prospect of a full-fledged global recession is worrying economists and policymakers. A global recession would be virtually unprecedented in the postwar years. For the past half-century, a slump in Europe has been offset by a boom in America, or vice versa. In the mid-1970s...