Its output shrank 3.8 percent in the first quarter of 1998, and unemployment war running at to 6.7 percent.

Industrial output shrank by 5% in 1972 and by over 20% in 1973 and 1974.

He reasoned that if global output shrank, prices would rise.

Exports are falling, unemployment is soaring, and economists say the country's output could shrink 5.5 percent this year.

Mr. Green's firm estimates that output has been cut by nearly half since 1989 and will shrink more in 1995.

The latest Greek industrial data showed that output shrank by 7.8% on a year-on-year basis in November.

But the economy fared slightly better than it did in the fourth quarter, when output shrank 1.4 percent compared with a year earlier.

In Indonesia, economic output shrank by more than 14 percent in 1998 and millions of people lost their jobs.

The Government thinks that output will shrink 3.5 percent this year.

The economic development group says Hungary's economic output will shrink by 3 percent this year after a 5 percent drop last year.