The earlier euphoria of a healthy 2.4 percentage GDP growth in US has all vanished today, when the revised GDP figures were reported by the government. The revised down number was a paltry 1.6% which clearly indicates that the world’s largest economy is not as healthy as we all had expected.
Rather the low rate of growth is worrying many analysts as this low growth is despite the massive one trillion plus dollars of stimulus spending by the government. The worry of a double dip recession is only set to increase further in the coming months.
The global economy is heading for a massive recession if the US falls into recession again.