US economy will not suffer lost decade

Economic forecasters have been revising down growth estimates for major economies during the past few months amid persistent unemployment in the US, slower growth in Asia and the European debt crisis, while the global economic recovery has been split sluggish growth in advanced economies and relatively robust growth in developing countries. This trend is here to stay during 2012.

“The most advanced economy is failing to gain traction,” said Christopher Probyn, managing director and chief economist of State Street Global Advisors SSgA at a media briefing yesterday. “The US recovery is extraordinarily weak.”

According to historical data provided by SSgA, the strength of recoveries in the...