prolonged US recession has increased significantly

The likelihood of a prolonged US recession has increased significantly as economic conditions continue to deteriorate, according to a survey released Monday. According to the National Association for Business Economics, which surveyed a panel of 50 experts, the US economy will grow a mere 0.2% this year. The group had forecast growth of 1.2% in October. A full 96% of the economists believe the economy is in a recession and nearly three-fourths think the recession could persist beyond the first quarter of next year. In a sign that economic conditions will remain difficult for some time, the group slashed its growth outlook for 2009 to 0.7% from 2.2% last month. (CNN Money)