The UK entered into the global downturn later than America and they are likely to be still in recession for another year. After that they are likely to have a period of still falling house prices and sub-trend growth for several years to come.
As domestic demand plunges around the world, each country is hoping that renewed demand can come from somewhere else, anywhere. So far, evidence to support this hope is scant.
Today Pascal Lamy director general of the World Trade Organisation told CNBC that world trade could continue to contract by another 10 percent in volume terms this year.
Asia is not likely to add a significant amount to world demand even with massive amounts of stimulus from the Chinese Government:
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