Half the world's economies are in recession or on the brink --with the UK sliding deeper into trouble, say financial experts.
Leading investment bank Goldman Sachs yesterday painted an alarming picture of the global economy.
It said the U.S., Japan, the Eurozone and the UK are 'either in recession or face significant recession in the months ahead.'
Coming from a leading financial commentator, the remarks will strike a blow to governments trying to hold back the tide.
International economist Binit Patel warned that any slump would have a devastating effect on powerhouse China, which has been propping up many economies with its demand for raw materials.
Goldman Sachs warned: 'Given its importance to world growth in recent years, a world recession would in all likelihood involve a hard landing in China.'
This in turn could bring down the other half of the global economy and spell financial disaster for billions.
There is up to a 20 per cent chance that the global economy will fall into a recession.
