But, the longer the current period of rapid growth continues, the larger and more dramatic the correction is likely to be. On average, the industry will grow at GDP growth rates. Heavy price competition will remain a fact of life. 1999 will be a tough year and recovery may be slow because of the possibility of a double dip of over supply followed by a drop in demand. Industry repositioning, globalization, industry consolidation, and the drive for improved productivity will continue.
Japan is mired in deep recession and China's growth has slowed somewhat.
Economies in the remainder of Asia appear to have stabilized and perhaps are improving. The region probably will return to growth, but not robust growth as in the past. In Latin America, Brazil is in recession following its currency devaluation. Other parts of the region also are sliding into recession due to being hurt by low commodity prices for oil and other exports. In North America, Canada and Mexico are slowing down, but continue to grow.