There is no immediate pressure to build a lot of office space, since it's as yet unclear how strong the demand will be and how the current economic upswing will affect New York.

Michel Camdessus, the fund's managing director, said at a news conference here that "inflation could still destroy the recovery" unless major countries devised an appropriate strategy for prolonging the current economic upswing.

A large factor in American Ballet Theater's current upswing stems from the way once-new dancers have settled into the company and sparkled in this season's debuts.

"I call them my red-alert team because they go in when there is a red alert," said Fitch, referring to the five reserves he has used most liberally in the current upswing.

Hence the current upswing is the result of a coming-together of several circumstances (mostly the increasing price of oil), and not of any fundamental changes to the structure of the Russian economy.

In our current five-year upswing, it has gone higher, peaking in 1986 at a record 23 percent of G.N.P.

The current economic upswing follows a fallow period in the 1990's, when several large corporations downsized or moved away and the office vacancy rate soared above 20 percent.

In hope of extracting a long-term benefit from the current economic upswing, the German and Italian Governments have committed themselves to cutbacks in public spending and changes in taxation.

Discusses Auden's current upswing in popularity.

The most obvious risk is that it will stop Europe's current economic upswing, just as unemployment in Germany and France is beginning to sink below 10 percent for the first time in years.