"Trying to develop a new market in a recessionary environment just takes a little longer," he said.

The consensus view is that Europe already faces a recessionary environment in 2012.

And he is looking beyond the war, which he says is obscuring an unfolding recessionary environment worldwide.

The broadcasting operations continued to suffer from the recessionary environment, the company said.

The art market, like any market, has to be affected by international events despite the recessionary environment.

Because of the recessionary environment, he would concentrate on high-quality bond funds.

Circuit City's results also benefited from what it called "opportunistic product purchases resulting from the recessionary environment."

"Stores were up against unusually strong sales in June last year and couldn't hope to match them, given the recessionary environment," he explained.

However, the recessionary environment and the company's financial woes continued to stall development.

Wal-Mart sales rose by 35 percent in the recessionary environment last year, to $43.9 billion and profits rose 24.8 percent, to $1.6 billion.