CHINA'S Economic Growth witnessing a slowdown mode!

China's economic growth estimates tumbled to below 10% for the first time in 3 years further sending shivers down the spines about possibility of a recession creeping in, adding to its woes the Quarterly results announced by the US Firms ended up negatively, pulling down the dow by around 5.2% and nasdaq by around 4.6% which resulted in them ending up at 5 year lows! The European markets were hit by around 4.5% along with the asian markets which ended up in the red!
Economists feel that the bottom has not been hit yet, US Treasury predicts that the recovery will begun only in the late 2009. On the other hand, Nymex Crude ended up low by 7% at around $67 a barrel- 16 month low, due to the recession fears and rising inventories of the Oil Firms in the US. The Price of oil is further expected to decline drastically once the world confirms that Recession has crept in!