There’s slow growth and then there’s no growth.
Nouriel Roubini believes European economic growth will hit a brick wall by year’s end:
The currency bloc does not face a double-dip recession, however, despite deteriorating financial-market confidence over economic growth in an age of fiscal austerity, Roubini told a conference in Aix-en-Provence.
“Given the shocks of the last few months… by year-end, euro zone growth could be closer to zero per cent,” said Roubini.
Note though he’s not even saying there’s risk of a double dip recession, he’s just saying growth will basically end. For the U.S., he sees sluggish GDP growth of 1.5% in the second half, but at least a better situation than for Europe.