The IMF is poised to predict negative growth for the global economy. This is the first period of declining global output since the 1930s. This period of unprecedented economic decline is being referred to as the 'Great Recession'.

In the UK, the recession continues to deepen. Manufacturing output fell by 6.4% in three months to January - giving an annual decline of 12%.

GDP is likely to fall by 4% in 2009. The biggest fall since 1931. (link at Independent)