US business firms enjoy considerably greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, lay off surplus workers, and develop new products. At the same time, they face higher barriers to entry in their rivals' home markets than the barriers to entry of foreign firms in US markets. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical costs of an aging population, sizable trade deficits, and stagnation of family income in the lower economic groups. The outlook for 1998 is for continued moderate growth, low inflation, and about the same level of unemployment. Two shadows for 1998 are the severe financial crises in East Asia and the exuberant level of stock prices in relation to corporate earnings.
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