A big report from Société Générale gives “broadly below consensus” GDP targets for just about every country.
SocGen projects 0% GDP growth for the eurozone next year versus 0.7% consensus.. For the U.S. SocGen projects 1.4% growth versus 2.1% consensus in 2012. SocGen is also below consensus in China, projecting 8.1% growth in 2012, followed by 7.7% growth, slowing to 7.5% in the medium term.
This chart sums up SocGen’s world view: Bearish with more and bigger black swans than white swans.
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