Morgan Stanley's Roach predicts "growth recession" in 2007

A slowdown in US consumption and Chinese output will lead to a setback. Protectionist measures from the US are seen as the biggest risk to global markets, says Roach.

Known as a long-term bear on the US economy, Morgan StanleyÆs US-based chief economist Stephen Roach didnÆt disappoint yesterday as he laid out a scenario for global growth next year that is well below the consensus and noted that the projected slowdown will be a disappointment for global equity markets and have ômeaningfulö negative implications for commodities.

However, the slides on global imbalances and the implications of the US current account deficit, which have featured so prominently in RoachÆs...

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