Worst Since 1989
How long could a downturn last? Surveying dozens of recessions around the globe, the IMF survey says that the combination of lower home values and stock prices, coupled with a credit contraction, could extend economic doldrums to three years, compared with less than one year for the typical recession. Why? Partly because it takes a while for consumers to realize their predicament, then even longer to start splurging again.
