Yep, that’s right. According to CNNMoney.com, Europe and Russia are suffering; and the world’s second-largest economy, Japan, is in a recession. Japan is in its first recession since 2001 due to its gross domestic product falling by 0.4% this year.

The financial crisis has spread to all corners of the world. In Europe, the pain has been particularly acute. The European Union on Friday officially declared that the 15-nation group had entered into a recession, with its gross domestic product declining 0.2% for the second straight quarter.

Major indexes around the globe have plummeted over the last two months amid the economic gloom. The Russian stock market has lost 65.5% of its value since the start of the year. Stocks in Japan and the U.S. have been equally hard hit, falling 42% and 33%, respectively.

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Update: Citigroup to cut 5K jobs, more worldwide economic woes.