"The first half of 2009 is going to be very difficult. In the second half of the year, recovery will begin, but will vary widely in different geographies," says Dicks. "The good news for investors, however, is that equity and credit markets usually get ahead of the economic cycle. So, although GDP may not start rising again until the second half of the year, riskier asset classes may well do so before then."
Barclays predicts that the US and euro-area economies are likely to contract by around 1%