It looks like the world economy is beginning to arrest the slide caused by the recession — the worst slump the world economy has experienced in more than 60 years. And proof of it is in the increase in the demand of products. Shipping companies are experiencing profits that, frankly, not as bad as they had hoped. Funny though that at this point, most forecasts are still on recording losses and if a loss is not that bad then it is considered good news. It’s a concept that can be a bit hard to wrap your head around because we’ve been used to a robust economy.

Hopefully, we learn lessons from this recession and start becoming more aware of how everything is related economically. I know I’ll be more conscious about how I spend my money in the future. No more nights out everyday. Every other night will do, I guess.

European confidence in the economic outlook increased twice as much as economists forecast in August, a European Commission report showed today. The U.S. economy, the world’s biggest oil user, shrank less than expected in the second quarter, and France and Germany returned to growth in the same period.

Predictably, when people want to save up the first things to go are items of luxury. Because of the recession that’s happening practically worldwide, luxury has become dispensable.

And even the top hotel chains think so too.

The top hoteliers are being hit tremendously by the recession and are taking drastic measures. The newest tactic they have thought of is giving up some of the stars on their top hotels as a way of saving money.

Starwood Hotels & Resorts Worldwide, Inc., who owns the St. Regis and W hotels, reduce the level of service in some of its properties, and consequently the number of its stars. Starwood said it will eventually return to its more luxurious operations when the economy has bounced back. Already, other hotel groups — the Hilton Group and the InterContinental Group — have already downgraded some of its properties.

So what does this downgrade mean? It would mean not getting a welcome gift, no more flowers in the rooms, and nomorecom

Luxury-hotel operators have struggled to attract customers as the recession deters vacationers and forces companies to slash their travel budgets. That should mean lower rates for high-end business and vacation travelers. It may also mean the loss of some amenities, such as welcome gifts, flowers in your room, complimentary newspapers or 24-hour room service.

Hopefully, the car industry does not take a cue from this and start removing airbags to save money.