The document summarizes the quarterly economic outlook from the Global Portfolio Strategies Group. It predicts that Europe's debt crisis will continue to negatively impact growth in Europe, 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 slowing growth in China could impact Asia. Overall, it anticipates another year of challenging global economic and market conditions.