World Economy - Bank of America strategist sees coming slump in global consumption
Joseph Quinlan, chief market strategist for Bank of America's investment strategies group, issued a report Tuesday predicting global private consumption expenditures -- approaching $32 trillion in 2007 -- posting anemic growth this year of between 2 percent and 4 percent.
"In the past few months, higher food and energy prices have undermined consumer confidence not only in Detroit, but also in Dusseldorf, Delhi and Dalian," Quinlan said in a report to clients Tuesday. "A global slump in personal consumption is unfolding, portending rockier times for the world economy and U.S. multinationals catering to global consumers."
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