Bernanke says recession is very likely over

It may serve to temper those who have been expecting a quick ‘V’ shaped recovery for the global economy, but the US is likely to see a pace of recovery in 2010 which would be ‘moderate’ at best. This will be on the back of the unemployment rate coming down quite slowly amidst the realities of ongoing credit problems and efforts by US families to reduce their household debt, thus stifling consumption. That is the view that the US Federal Reserve Chairman Ben Bernanke shared in a recent speech, expressing further that even though from a technical perspective the recession is very likely over at this point, it's still going to feel like a very weak economyfor some time to come. This is also due to the fact that most denizens of the US are still low on confidence when it comes to job security and their employment status, with highly restricted spending being the likely outcome of that. Thus what is sure is that any expectations of the global economy getting back to the heady days of the boom are not going to be met in a hurry.