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Leading indexes that track the world's business cycle suggest that global economic expansion will continue but at a slow pace in the new year, the Conference Board reports. The board's latest international economic scoreboard shows a composite leading index for 11 of the world's major industrial countries growing at an annual rate of 1 percent, down from 4 percent six months ago.

``Although neither a recession nor an inflationary boom is impossible in the months ahead, neither seems probable,'' says Edgar Fiedler, economic counselor at the board.

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Taiwan is one of the few countries exhibiting any vigor, the board says. In Europe, expansion continues to be slow in general.

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