The panic in world financial markets has led to sharp falls in share prices and led to the contraction of credit markets. BBC News looks at how key indicators around the world have moved as recession fears grow.

An economic downturn is a phase of the business cycle in which the economy as a whole is in decline.  This phase basically marks the end of the period of growth in the business cycle.  Economic downturns are characterised by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses.