Economic recession - The hazy outlook

Yes, we are officially in it. Singapore became the first Asian country to slip into a "technical recession" with two consecutive quarters of negative growth. Though it doesn't feel like one yet here, the water cooler / friend's get-together talk is all about it.

On a different note, Iceland became one of the earliest countries to collapse under the weight of the global financial crisis. No one likes a economic downturn ( at least most) ,but this one is destined to stay a little longer and let us hope for the best.