At the beginning of 2008, it’s clear that global economic growth is slowing. The housing downturn has adversely affected the U.S., and the ensuing credit problems (and tightening) have spread to other nations. A key issue is whether or not the weakness has done enough damage to tip the economy toward recession. The general consensus is that it is likely that the U.S. will avoid a downturn but experience a slowdown with concomitant and tentative sanguine prospects for the broader global economy. Global industrial activity will parallel these trends, although an inventory correction may foster a stronger deceleration of factory activity. This will affect global chemistry demand and as a result, growth will moderate into 2008....

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