The global meltdown is pushing down more economies into deep recession. The United States has reported a 6 % decline in the first quarter of 2009, while Japan has reported a sharp drop of 4% in the first quarter. The Japanese government has now predicted a 3.3% decline for the full year 2009 against the earlier estimate of 0% growth.

Thailand economy which depends mostly on exports has also declared a 7.1% decline in the first quarter. The Singapore economy has contracted by a whopping 17% in the first quarter, due to crashing exports and imports through the country.

UK is expected to report a steep decline in the economy, may be the lowest in the last several decades, for the first quarter. The continuing job losses and the crashing real estate prices are cited as key contributors to the economic debacle.