The Global Portfolio Strategies Group released its fourth-quarter economic outlook which predicts that Europe's debt crisis will continue to negatively impact the region, with recessionary conditions expected in much of Europe in early 2012. The U.S. is expected to avoid recession but may experience temporary stock price declines due to growth scares. Emerging economies are projected to grow faster than developed markets despite slowing Chinese growth and issues in Eastern Europe stemming from the eurozone banking crisis.