Slowing Growth Stirs Doubts Over Global Recovery

An economic slowdown is spreading around the world as record oil prices, falling stocks and weak technology spending ripple from South Korea and Japan to the U.S. and Germany, casting doubt on a global recovery taken for granted just a few months ago.

Global weaknesses are an added worry for the U.S. because a three-year spending spree by American consumers is winding down, and economists had been counting on higher exports to help keep the U.S. expansion on track in the coming year.

8-16-04 wsj.