Surely it is you people who 'hold back' from spending because of your fears when you fear what the world thinks - that causes lack of economic growth. Break out of it, break out of yourself, free your mind. Stop watching the news, have you ever noticed the news is always so morbid. Does one enjoy that? Be new, be a part of the belief that the recession is over, be a part of making the world a better place. When there is a sense of community in what is called 'civilised society' I will believe people in civilised society can actually think with their hearts and not their heads. We blame things on our governments, but can you blame them when they have to keep us bunch happy, this bunch who 'think' but do not 'know' that they could do a better job?
Don't wait for war, don't wait for things to get worse, don't wait for your neighbour to love you. Be that which you want to see. I do not think we are out of recession, I know it - without any reasoning. Intelligence isn't everything, I trust my intuition. Sound logic is often criticised unless 'everyone else' agrees with it. :-)
The first opinion I came across instantly disproves his/her stance on the question. 'The overall condition of the world's economy has improved to where it cannot be classified as recessionary.' You sir are not very bright.
Recession is characterized by two straight quarters of decreased GDP. The world GDP has steadily increased since the 2009 recession. Therefore, it is no longer classified as a recession. Speculating that the world economy might once again fall into recession is just that, speculation, and irrelevant to the debate topic.
All other answers are simply wrong. This is not a debate.
Officially a recession ends when the economy stops contracting and starts growing. However, the economy has been growing so anemically that the recession might as well have never left. Unemployment has not been this high for this long since the Great Depression and inflation and interest rates remain at record lows. Instead we are looking at slow grinding deflation and low interest rates as far the eye can see.
Unemployment is higher than it has been in decades. I am very familiar with the economic situation in the United States and from what I see on the national news its not a whole lot better anywhere else. Something needs to be done and done quickly to end this recession.
America has dealt with the bad economy for many years now. Although we are not finished with the recession, it is getting better. However, world wide there are many countries that have struggling economies. Look at Europe for example. Some countries are just now reaching an all time low.
Unemployment has risen above 10% in 2010 despite the government spending. The administration and some members of Congress have proposed that the government spend another $80 billion on jobs programs due to this situation. And also the market prices have fallen down yet there are no body to buy things despite the cheap rates. So the recession is still on...at least officially.
Such a large-scale economic recession takes a good deal of time to "bounce back." In this day and age of globalization, the recessions was not localized, but has affected a number of large world powers and other countries who do business with them.
Unemployment is an unfortunate side effect of a recession, and again takes time to reverse. As businesses suffer, they do not hire employees and may lay off others. Even if a business' economic situation improves, the business executives may wait a few months to make sure that the trend is continuing before beginning to rehire.
The worldwide recession that hit global markets in 2008, may have reached a plateau in the last 3 years, but now seems poised to enter a second phase of collapse. With the US government on the brink of defaulting on its 14 trillion in loans, and the European community grappling with defaults in Greece, and potentially Italy and Spain, it seems that the last 3 years have only postponed the worldwide monetary problems of debt. Previous solutions, such as governments infusing their countries with money from a central treasure, are now no longer viable options and seemed to have only postponed the inevitable. New solutions and approaches must be considered to begin rebuilding the economies worldwide.
I do not think the worldwide economic recession is over or will be over in the near future. Everyday that I watch the news I see little positive change in unemployment. It also seems like packaging for products is getting smaller, yet the price is staying the same. Gas prices continue to rise. All these factors together mean less money for people who are already in a financial bind.
The end of the worldwide recession is still a long ways away. Unemployment is still high, Wall Street and financial institutions still have little oversight, high income inequality still exists, large government debt still exists, and high tax burdens on the middle and lower classes will continue to keep spending low. Without increased demand for product and services, the worlds economies will not improve. In addition, the failure to achieve any real solutions to the recession, by politicians, means there is little chance of change.
In my opinion, I do not believe that the worldwide economic recession is over yet, we just started seeing the signs of recovery but not the full growth. The repercussions of the yesteryear's recession are still have their impact on certain economies or would show up shortly.
The domestic economy is largely a consumer economy: it depends on people consuming goods and services. For such an economy to function, you need consumer confidence; for consumer confidence, you need income through employment; for businesses to function properly and employ people, you need a proper credit system. However, under none of these metrics can the economic recession be said to be even be near the end. To use a foreign example, the EU is actually worse off than the US. Many countries' budget deficits are at 100% GDP or greater and are essentially bankrupt, with unemployment at higher double digits.
Not only is the worldwide economic recession not over, it is, at best, only half over. With some countries in the EU almost bankrupt, and Greece in bankruptcy, it looks very bad. In the U.S., we have been on the slide for the last three years, and it does not look optimistic for the next few years. So, we are still in for a hard ride.
Unemployment is still high, with one in ten people out of work and a number of other workers too discouraged to even try. Investment is low and there isn't much credit, even for businesses with good projects or qualified buyers with good credit. Housing prices are still low, and there are still a number of foreclosures. I suspect it will be at least a year before the recession ends.
Just because a place is starting to recover, doesn't mean that it's over. There are hopeful signs, but there is still a long ways to go. Many people are still out of work and struggling, and even those working are still afraid to spend, which is extending the economic downturn even further.
According to the study, mid-wage jobs such as construction trades, manufacturing and office employees accounted for 60 percent of the employment drop during the recession but made up just 22 percent of the recovery through March 2012. So-called low-wage jobs like retail and food service workers made up 21 percent of the losses but 58 percent of the subsequent growth. By Robert X. Cringely
The unemployment rate is still high, with few signs of improvement. And as hard as they try to convince us that things are getting better, it's clear that they are not. They probably never will be better in any real way, because countries keep incurring debt they can never repay. At some point, the damage is final, and a full recovery just isn't realistic.
No, worldwide economic recession is not over yet. It is reduced and on the path to recovery. Measures have been taken by inducing money to save the businesses but real recovery is when these businesses can stand on their own and function well to produce profits. Recovery is when GDP growth is back on track.
The economy is in a brief remission now. But it is bound to relapse into recession or worse, because the underlying fundamentals aren't improving. The U.S. Fed is still artificially manipulating currency and interest rates, and currency manipulation is going on across the globe too. People are still in debt, and no one is saving or spending, except money that they don't have.
While the overall condition of the world's economy has improved to where it cannot be classified as recessionary, the state of the countries of the European Union (EU) and China show that the recessionary press is still very strong. The EU and China both are predicting that their Gross Domestic Product (GDP) will increase at a rate to support their population growth. This is a giant push back into recession for these countries and the world economy as well.
I have learned through my study of economics and economic analysis that most models of the macro-economy have very little predictive value. A model today can tell us why something happened in the past, but is unable to predict the future with 100% accuracy. All we can do is hope, and invest in a growth-minded direction.