The Shape of America’s Recession
Most analysts predict that the US recession will be short and shallow, implying only a slight growth slowdown for the global economy. But the scale of the crises in America's financial and housing markets, coupled with a credit crunch, suggest that the US is facing its longest and most severe recession in decades.
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NEW YORK – Now that it is clear that the United States is in recession, the debate has moved on to whether it will be short and shallow or long and deep – a question that is as important for the rest of the world as it is for the US.