"...we are now closer than we were six months ago to the end of the worst financial crisis since the Great Depression and worst global recession in decades. But the road ahead will be very rough and bumpy: The recession in advanced economies will continue through year-end, the recovery will be very anemic and well below trend, the risks of a double-dip W-shaped recession are rising, and the growth recovery of emerging-market economies will be constrained by the weakness of advanced economies."
http://www.forbes.com/2009/07/29/global-economy-depression-recession-unemployment-consumption-opinions-columnists-nouriel-roubini.html
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