(Reuters) - Morgan Stanley slashed its global growth forecast for 2011 and 2012, saying the U.S. and the euro zone were "dangerously close to a recession", and criticized policymakers in Washington and Europe for not acting more decisively to contain the sovereign debt crisis.
The bank cut its global gross domestic product growth forecast to 3.9 percent from 4.2 percent for 2011, and to 3.8 percent from 4.5 percent for 2012.
"Our revised forecasts show the US and the euro area hovering dangerously close to a recession — defined as two consecutive quarters of contraction — over the next 6-12 months," Joachim Fels, who co-heads Morgan Stanley's global economics team, said in a research note dated Wednesday.
The bank cut its global gross domestic product growth forecast to 3.9 percent from 4.2 percent for 2011, and to 3.8 percent from 4.5 percent for 2012.
"Our revised forecasts show the US and the euro area hovering dangerously close to a recession — defined as two consecutive quarters of contraction — over the next 6-12 months," Joachim Fels, who co-heads Morgan Stanley's global economics team, said in a research note dated Wednesday.
As gold hit new record highs of $1,832 an oz. Wall Street is rolling down hill fast. Unemployment is still crazy high after all these years. This is very bad news for the American people. Thanks to the Democratic party and Obama 1 in 5 children live in poverty here in America. The Democratic Party promised that this wouldn't happen if they pasted all their economic stimulus bills. But all those bills did was raise our national debt to unsustainable levels. We have yet to get out of the recession that Obama said he would get us out of. I have to say it, we conservatives told you nothing Obama did would work. We told you this would happen and it is. If you vote for more of this then you are just an anarchist.
Aren't you glade you prepared for this next round of recessions? If you are a liberal you didn't do anything. That is your MO.
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