From
Menzie Chinn at Econbrowser comes this graphic lifted from the
IMF's latest
World Economic Outlook.
Menzie makes two points that I have made as well: a recession is bad enough but a recession with a credit crisis is worse and a recession with a credit crisis and a worldwide downturn is even worse.
![](http://3.bp.blogspot.com/_M1nrFzOhiWo/Se0BlAaDjII/AAAAAAAACLM/pOwYWyW_qJI/s400/howbad.gif)
The answer: really, really bad.
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