The document summarizes the quarterly economic outlook from the Global Portfolio Strategies Group. It predicts that Europe's debt crisis will continue to impact the region, with recessionary conditions expected in much of Europe in early 2012. The US is expected to avoid recession, but growth will likely be weak. Emerging economies are projected to continue outgrowing developed markets, although European troubles could hurt Eastern Europe. Inflation is expected to remain subdued globally, but geopolitical risks remain.