The economic expansion that began in 2003 was still going strong as the end of 2007 approached. The current banking crisis in the developed world has caused it to slow.
In either case a slight recession or slow growth the current economic climate has been strong in the developed world for 5 years and in the developing world [which is more important]
it has been going on for closer to 10 years. China, India, Brazil, Russia the mid eastern oil producers and many other countries continue to grow at a very rapid rate as I write this memo