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Comment Business & Economics

The economic outlook: 2008 and beyond

By Gerald Ondrey |

“This is the first time since the early 1970s there have been four strong years in a row; every piston of the economic engine was running,” says Dr. Thomas K. Swift, chief economist for the American Chemistry Council “We have just come off of four years (2003–2006) of very strong global economic growth,” says Dr. Thomas K. Swift, chief economist and managing director, economics and statistics for the American Chemistry Council (Arlington, Va.). “This is the first time since the early 1970s there have been four strong years in a row; every piston of the economic engine was running,” adds Swift, who gave an exclusive interview to the Chem Show Daily after having to cancel his appearance at yesterday’s keynote address. From an economical standpoint, the global economy is slowing — led by the U.S., which is going through a “rocky landing” period — but the global economy is still growing, says Swift. Among the risks and uncertainties in the U.S. are the housing sector, which is likely to get worse before it works itself out by mid 2008, and the credit crunch. However, there are some positive signs. Exports are very strong, adding to growth. In the U.S., exports…
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