THE ECONOMY
From Times Staff and Wire Reports
World’s Economy Stagnated This Year: According to a United Nations report, the world’s economy probably will not grow in 1991 and will recover only slightly in 1992, largely because of the recession plaguing the Soviet Union and Eastern Europe. The report said America and other industrialized democracies needed to expand output and spending to revive economic growth around the world. “Governments have generally cut spending, detracting from demand rather than stimulating it,” the report said.
