Lurking not possible to predict recovery..but history is your best guide.
1972 World Revenue Pax Miles (RPMs) increased 13% on the 1970 figure.
1973 World Gross Domestic Product also increased by 13%
Mid 1973 start of official recession period.
1974 World RPMs year on year increase 4%
1975 World GDP year on year increase 1%
Mid 1975 end of recession
1976 World RPM increase 9%
1976 World GDP increase 10%
Mid 1980 Start of 80's recession.
1980 World RPMs up 1.5%
1981 World GDP up 2%
1983 recession ends
1984 World RPM up 8.5%
1984 World GDP up 9%
The begining of 1991 was the start of the shortest recession in recent history
1991 World RPMs down 3% (the one and only time year on year RPMs went down since 1970).
1991 World GDP up 0.5%
Begining of 1992 was the end of recession period (but there was a very slow recovery).
World RPMs up 2.5%
World GDP up 1.5%
I was working for British Aerospace and Airbus during the early 1990's and although our orderbooks were full initially there were cancellations the likes of which had never been seen before. Ultimately we had to sell A320s to Swissair for $18 Million each (roughly the sticker price for engines alone) just to keep production ticking over.
Between 1990 and 1994 IATAs member airlines suffered cumulative losses of $20.4 billion. This figure was greater than the cumulative profits since WW2.
Be in no doubt guys that the health of our industry is directly related to the world economy. Probably the most significant difference this time is that there will be jobs for those made redundant in the Middle / Far east.
On the housing front we are (probably) in for a slump (although no one really knows) but the 20% figures being suggested are estimates UK wide. I currently work in Scotland which is still doing well. Most of my properties are in NW England (and they are unlikely to fall more than 10%).