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True, long-term optimism has to be tempered by concern about the current slump. In the New Economy, the ups and downs of the tech cycle affect the overall economy much more than in the past. In the late 1 990s, info-tech investment grew like wildfire ─ at an inflation-adjusted annual rate of 20% from 1995 through 2000. Business and consumer spending on information technology accounted for one- quarter to one-third of economic growth during most of the period. Now it’s subtracting from growth. In the first half of this year, IT investment fell at an annual rate of 6%. And the tech downturn isn’t over. From April to June, new orders for nondefence telecom equipment fell by more than 25%.

The main idea of the paragraph

In the new Economy, there are more volatile ups and downs with the tech cycle, and they affect the overall economy much more than in the past.

在新经济时代，高技术方面投资的波动更为剧烈，它们对经济的影响也远远要超过过去的情况。

词语解释

like wildfire
very rapidly　很快地
e.g.
1）Once one child in the school has the infection, it spreads like wildfire.
　　 在学校里，一旦一个孩子染上了传染病，这病就会马上传播开来。

2）These stories are spreading like wildfire through the city.
　　 这些故事在这座城市很快传播开来。

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