I do not think anyone needs to wait for a newscaster to say we are in a recession. Hard for many to even fill up their gas tank. As your business grows it is adamant that a recess is knocking at your door. — the world economy right now is obviously affected by huge rate of inflation which of course has so many adverse effects on the pockets of individuals . Oil fluctuated near $107 a barrel in New York as investors monitored developments from the gathering of Group of Seven leaders, while fears of a demand-sapping recession continued to hang over the market.