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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: stockman_scott who wrote (46468)	1/15/2002 2:20:37 PM
From: Nick	Read Replies (3) of 65232

Morgan Stanley on Global Econ : -- Before Open -- Morgan Stanley's Chief Economist, Stephen Roach, writes "that the world faces an exceedingly tough challenge in breaking the vicious circle of synchronous recession." Firm credits the global downturn to the lack of autonomous sources of domestic demand that could take the place of that abdicated by America; firm believes Europe is the closest alternative to a new global growth engine, but notes with structural reforms lagging and its policy levers hamstrung by inertia (monetary policy) and the Stability Pact (fiscal policy), the case for an autonomous euro-zone growth spark is a weak one. Morgan Stanley continues to believe America will experience a "double-dip recession" and adds that even if the country breaks out of its current recession, "it seems highly unlikely the world will enjoy the type of American-led growth impetus it got accustomed to in the late 1990s." Copyright © 2001 Briefing.com, Inc. All rights reserved.

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