Depending on your definition, a global recession may already have started THE world economy resembles an aeroplane that has lost two of its four engines, with a third now starting to splutter.
Japan is already in recession.
A sharp slowdown in China may yet push the government to devalue. Many smaller emerging Asian economies are suffering their steepest economic declines for half a century. The Russian rouble is plunging headlong. Last but not least, Wall Street continues to wobble. By some definitions, it already has.