Is the recession over?

After passing through such a drastic period of recession, people are still enthusiastic to know if the recession is over. As you can see that there are much hype on layoffs, surging unemployment rate, inflation rates, etc. in the news, can we assume it’s over or atleast slowed down a bit?

The chiefs of two central banks of US and UK said that their country’s economies have emerged out of recession. Mervyn King, the Governor of the Bank of England and Ben Bernanke, the Chairman of the Federal Reserve, have given the good news in separate statements.

According to Mr. King – “the British economy was growing again”. And Bernanke says that “there are now signs that growth has resumed”. However, he also added that the symptoms and the weakness are going to stay for a little while.

Though, none of them says that recession is over, their statements signal that the economies are no longer under it.