There is a lot of business uncertainty at the moment (May 9, 2008) with much talk in the media of an ‘impending economic downturn’. While the phrase ‘recession’ seems to be close to many people’s lips, it is being muttered in hushed tones rather than being shouted from the rafters. In the U.S. they are ‘not in a recession’ according to the U.S. Commerce Department (April 30th), in an ‘awfully pale recession’ according to Alan Greenspan (May 5th) and in a ‘recession’ as Warren Buffett defines it (May 5th). For now, in the U.K., at the very least, we are experiencing a downturn/slowdown/worsening of economic conditions. (You can take your pick as to which euphemism is most applicable.) Regardless of the word play, one thing is clear; most economic indicators are predicting flat or negative growth for the next year.
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