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The economic news at the beginning of the New Year has made for grim reading. Headlines hype to attract attention and journalists simplify, but the collective media assessment of 2008 is clearly "economic crisis" and the forecast for 2009 is clearly "economic challenge". And by any measure, the past few months have been extremely difficult for the global economy. Following the financial services turmoil in September, it can see how the bursting of the credit bubble has caused a severe economic downturn with major repercussions across the world. Yet the "Credit Crunch" actually started in 2007 and the downturn has been evident in many sectors and countries for sometime - indeed the US economy appears to have already gone into recession by December 2007.
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