Morgan Stanley defies the double dip

Sustainable global economic recovery is under way, powered by the Asian engine, argue Morgan Stanley economists.

Senior Morgan Stanley economists and strategists were in Hong Kong last week to preach an optimistic outlook for the world’s economic recovery.

“The global economy is growing moderately but sustainably,” said Richard Berner, chief US economist and co-head of global economics, in a media briefing on August 19.

He identified “three pillars to support his positive view.

First, the evidence suggests that there will be no double-dip recession second, although they will not be a “game changer”, the recent bank stress tests in Europe will instil confidence in financial markets and third, Morgan Stanley expects a soft-landing in China. As a result, the US bank is “constructive” on risk assets.

Berner and his colleagues,...

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