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Are we on the verge of a global recession?

As we stumble along the road to financial meltdown in stock markets around the world many are suggesting that we are on the verge of a worldwide recession. Is this true and if so what does it mean for the person in the street?

It would be foolhardy to suggest that we are not in trouble, that worldwide stock markets are not reeling from the after affects of the credit crunch, but are we headed for a recession?

The chances are that over the next few quarters we will see a significant fall in economic activity around the world with many countries such as the UK and US slipping into official recessions, if they are both not there already. This means we will see unemployment rising, tax revenues for the government slipping, falling investment in public services and a general lacklustre feel to the economy for some time.

In times gone by we have often depended upon the banks to provide the finance needed to bail out the economy but it is they who are actually leading the markets down. So yes times will be tough, we will no doubt see a worldwide recession but this is not the end of the road. When a man looks into the abyss that is when a man finds himself........

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