The gathering storm

The skies are once again darkening over the world economy. A recent string of grim economic data is raising the spectre of global recession. As world leaders fight to save the eurozone – itself on the brink of recession – in the wake of the sovereign debt crisis, the US Federal Reserve painted a gloomy picture warning of “significant downside risks” to the economy. Growth concerns in Asia, with a further fall in China’s manufacturing activity, are also adding to the ever-lengthening list of