Message from Davos: The recession is coming

A full-blown, prolonged recession in America is now inescapable, with the rest of the world set to be dragged into a severe global slowdown despite yesterday’s emergency US interest rate cut by the Federal Reserve, leading economists said in Davos this morning.

A darkening outlook for the global economy looked set to dominate the week-long World Economic Forum, as plunging stock markets and the Fed’s drastic and dramatic reaction overshadowed the opening of the annual gathering of political and business leaders.

Some of the world’s most prominent economic pundits told an opening session this morning that the Fed’s surprise three-quarter-point cut in US official interest rates was already “too little, too late” to stave off recession in America.

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