Back slide of business-recession: “Recession is common man's uncommon reaction”

The global financial windstorm which has caused the meltdown the financial system in the US and elsewhere has yet to settle down. Its catastrophic effects have reached out to developing economies in a less intense manner but have increased risks and concern for the future. The recession is mainly due to liquidity crunch and loss in confidence of consumers and investors. Global recession will have serious implications for emerging and developing countries. There are no immediate solutions and short term solutions do not hold much promise.