World in grip of the great recession, IMF warns

Britain's economy has already suffered a deeper peak-to-trough slump than in the early 1990s recession, estimates showed.
Output tumbled by 4.3 per cent between April 2008 and February 2009, according to the National Institute of Economic and Social Research.
That leaves us some way short of the 5.9 per cent decline recorded between the second quarter of 1979 and the first quarter of 1981, said Niesr director Martin Weale.
But with economic indicators continuing to worsen, few experts are expecting a rebound soon.
Yesterday International Monetary Fund chief Dominique Strauss-Kahn warned the world is in the grip of the 'great recession'.