It depends who you ask. Financial journalists in aggregate:
It should be noted that the journalists are now very bearish. Asked when the recession would end, 31% said early 2010, 26% said mid-2010, 22% said January 2011, and 21% said even later. The survey also asked where the DJIA would close on June 30, 2009. The average of the responses was 8639.12, or about 100 points lower than today. Since journalists screwed up so badly last time and are reliably contrary indicators, this might be a signal that we’re in for a quick recovery.
The official line:
The consensus (and the Fed forecast) is that the economy will bottom in Q2 2009 with a sluggish recovery in the 2nd half of this year.
The U.S. recession will last two full years, with gross domestic product falling a cumulative 5%, said Nouriel Roubini, ... For 2009, Roubini predicts GDP will fall 3.4%, with declines in every quarter of the year. The unemployment rate should peak at about 9% in early 2010.