Europe is likely already in a mild recession, and the United States could very well join it, but the global economic turmoil is unlikely to reach the depths of the 2008 downturn, Morgan Stanley's Stephen Roach said on Tuesday.
Unless Europe totally vaporizes before our very eyes, and that is not my view, I think the likelihood of a major global shock that would prove so disruptive to the entire world economy, is low," Roach, non-executive chairman of Morgan Stanley Asia told the Toronto CFA Society forecast dinner.
"To me, the major economies of the developed world are right on the brink of a recession and are likely to tumble into a recession over the course of the next 12 months," he said.
He said the path out of trouble for the troubled Euro region is straightforward, if not exactly easy to make happen.
Unless Europe totally vaporizes before our very eyes, and that is not my view, I think the likelihood of a major global shock that would prove so disruptive to the entire world economy, is low," Roach, non-executive chairman of Morgan Stanley Asia told the Toronto CFA Society forecast dinner.
"To me, the major economies of the developed world are right on the brink of a recession and are likely to tumble into a recession over the course of the next 12 months," he said.
He said the path out of trouble for the troubled Euro region is straightforward, if not exactly easy to make happen.
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