World on brink of double-dip recession, warns Morgan Stanley

Stoking fears of the dreaded double dip, the banking giant said the world's economy is "dangerously close to a recession" and cut its global growth forecast for this year from 4.2% to 3.9%, according to the Guardian. In addition, it cut it growth forecast for 2012 from 4.5% to 3.8%, with developed market economies expected to grow by just 1.5% this year and next. Global recessionary fears have heightened recently amid S&P's downgrade of the US and an escalation of euro debt concerns - factors which drove global markets into free-fall earlier this month. A recession is defined as tw...