Midland  - Dow Chemical Thursday reported profits for the third quarter, but it said rising costs of raw materials and energy had weighed on the company and that it sees a recession on the horizon.

"The global economy is now feeling the full effects of the same economic issues that have plagued the US for the past several quarters," chairman and CEO Andrew N Liveris said in a statement.

"In our view, we will likely see a global recession through most of 2009.