BBC:UK Economy likely to see worst contraction since 1946 next year
As far as the US is concerned, the next year is going to be exceptionally bad for commercial real estate according to Calculated Risk. My random guess is that US, UK and maybe even Japan are likely to see at least two more years of recession. I have seen opinions which claim that even china may fall into recession by end of 2009.
The Centre for Economics and Business Research (CEBR) predicts the economy will shrink by 2.9% in 2009 - more than at any time since the 1940s. .. It expects consumer spending to decline and investment in business to slump.
What about India? In india we are not even talking about a recession. Although we have been seeing lots of job cuts and a grim picture for Indian IT. I am unable to make any confident prediction at this point about the outlook for India.
Related post: How long will the current recession last?