Citigroup is downgrading the global growth targets for 2011 and 2012.
The economic team there now sees the global growth Citigroup cut its 2011 global GDP growth forecast to 3.1% from a prior rate of 3.4%.
More importantly, it is cutting the global GDP growth for 2012 down to 3.2% from 3.7%.
This might not seem like much of a cut and might not sound recessionary.
Technically it is not, but it just shows that maturing scale of the economy as China and India are still putting on the brakes, as Europe burns, and as the United States struggles in a quagmire of uncertainty fiscally and politically.