Almost six years ago, when I became CEO of CIG Bank of Canada, North America was just concluding what one economicst has called "The Roaring 90s". You may remember that NASDAQ reached a high of 5000, only to correct 59 percent in the next 12 months. We quickly learned that the New Economy- based more on ideas, than goods- was not immune to the business cycle. We could also see that globalization was becoming a defining feature of our financial and political world.
Question> Which of the following is correct according to the passage?
a) New Economy ws yet to be affected by the business cycle.
b) There was a majoy economic downturn that began in year 2001.
c) North America experienced a slump in the economy in the 1990s.
d) Globalization became a bigger economic factor in North Amecia after the 90s.
Would you please interpret the underlined red parts and find the answer for me? Thank you in advance.
The Roaring 90s = a period of frenzied economic activity, most of it positive
only to correct 59 percent in the next 12 months = A correction is a downward adjustment. The market (NASDAQ) fell 59% during that time.
was not immune to the business cycle = suffers from ups and downs just like everything else.