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.

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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