The U.S. would slide into recession next year and unemployment would rapidly increase without a compromise on the fiscal cliff.
There is now fear that Europe will slide into recession, which would increase the odds of a United States double-dip.
The economic recovery has stumbled in each of the last three summers, raising fears of a slide back into recession.
More cheerfully, the Reinharts find that once economies start to grow after a crisis they tend not to slide back into recession without suffering some new shock.
Confidence that the economy, though slowing, will not slide into another recession is bolstered by confidence that the Federal Reserve, America's central bank, will act to prevent that.
Now the question is whether the momentum of the recovery can continue if the euro zone debt crisis and potential for Europe to slide into a recession remain in the headlines.
Vale said in a conference call with investors that it expects some European trading partners to potentially slide into a recession, but believed that while Chinese economic activity is set to moderate, they expect the property market to remain strong thanks to a low income housing build-out in the country, and further fiscal stimulus by the government.
But a slide into a second recession would require firms to cut back again on stocks, capital spending and jobs.
He said that it was unlikely that the developed world would slide into a double dip recession but he was concerned about a growing social crisis.
London (Financial Times) -- Britain's economy shrank 0.3 per cent in the final quarter of last year, increasing the likelihood it would slide into a "triple-dip" recession and piling pressure on the coalition government.
The MPs' arguments will intensify the debate in the coalition government about how to reverse the slide in the economy, which has seen the UK slip into a double dip recession.
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