Finally, the recession has been confirmed. The National Bureau of Economic Research has made official declaration that country has been in recession since December 2007. The NBER takes into account a number of statistics to determine when the recessions begins and ends. However, this is determined only after the fact has been established, which can be quite a long way from the time these figures start showing signs of impeding recession.
The figures are indicative of how the economy has been performing. Stock Markets have been taking a tumble and effects of recession has been slowly affecting all the sectors quite significantly.
Asia and other parts of the world are also seeing the effects of global meltdown in the credit crises.
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