Global economy is entering recession

The world economy is definately going to recession. There are plenty of data to support this. The Fed rate cut shows how bad the subprime mortgage is. And with the slowdown is US market, the global economy will be affected too, including china. China, are likely to suffer as exports to the U.S. wane. Economist predict global growth may decelerate close to the 3 percent, from a 4.7 percent rate in 2007. The contagion from the U.S. economy, which according to the IMF represents about 21 percent of the global economy, is spreading via multiple channels. Less spending by American consumers and companies reduces demand for imported goods. The meltdown of the U.S. subprime-mortgage market has pushed up credit costs worldwide and forced European and Asian banks to write down billions of dollars in holdings. Tumbling U.S. stock prices are dragging down markets elsewhere. There has been signs of economy contraction all over the world, like in Japan, Singapore, UK, and other european country.