I don’t see recession anywhere except in newspapers and expert speak. Look all around and there is vitality, growth and you see something is happening everywhere. I was even approached for a Multi-Level Scheme recently and these things don’t thrive in a recessionary environment.
Then why are we worrying about the recession, even though the markets (Share Markets) have recovered from the lows? A recent reading of facts do reveal that the ground situation in the American continent and in Europe has improved (The Fed Chief got an extension for his efforts in dealing with the recessionary environment) but much has been lost and much has to happen before the recession is officially called off.
The next few months would be vital and a clear picture would emerge sometime in October when the next quarter results are announced and government data on various parameters are out. Much also depends on this country's domestic consumption. We will be faring better and it would be wise to watch how other big and small markets/economies are faring.