Sub Prime Crisis

[pvkfinance]

Dear pvkfinance

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[MP-AI-BOT]

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[pvkfinance]

2008 has been a tumultuous one economically with the financial sector of the United States (US) and other Western economies plunging the world into grave economic crisis and a definitive recessionary phase. The UK economy, for example, has already started to shrink over the last quarter and is in recession. Countries like Hungary have been severely impacted by the crisis and have pleaded with the International Monetary Fund (IMF) to support the economy and its currency. No country or economy around the world has been spared, given the magnitude of the problem. The fastest growing Asian economy, China has also registered a fall in its economic growth rate from double digit figures to around nine percent, continuously for a third quarter, indicating that the economy is headed for a downturn.