ABSTRACT
Growth forecasts were widely downgraded across the rest of Asia Pacific. According to polls, for 7 out of 12 economies, growth in 2009 was similar to growth in 2008. Forecasters pointed to further signs of economic downturn as the Reserve Bank of India (RBI) report estimated a 7.7% growth for 2008—2009. In Britain, the economic downturn of 2008 took a heavy toll, with a bankruptcy in every five minutes. After recession set in, the slowdown played havoc, with either a British resident or business being declared insolvent every five minutes or so, according to an advocacy group. Global firms getting sucked in the economic quicksand took a turn for the worse with the filing of bankruptcy by Lehman Brothers. Hiring, expansion plans, and earning prospects of companies were severely impacted. The $3.41 trillion market was witnessing its first fall since 2001 after the dotcom bubble burst.
