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US in recession, global economy moving closer

Morgan Stanley's Gregory Peters warns that Asian economies are not immune as the global economy slides into recession.
October 12, 2008
The United States economy has already entered a recession, and the global economy as a whole is in real danger of entering one, warns Gregory Peters, global head of fixed income at Morgan Stanley. New York-based Peters says that major indicators in the US already suggest the world's biggest economy has entered a recession, and with the contagion spreading to Europe and Asia, the global economy will inevitably slip into one.

The US has already entered into a recession and we are now looking at global recession, Peters told FinanceAsia while on a brief visit to Hong Kong last week.

Peters says because of the inter-connectivity of the global economies, export-driven Asian economies may...
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