Morgan Stanley sees lack of traction from central bank moves

Morgan Stanley said it cut its estimate of 2001 world growth to 2.1 percent from 2.2 percent, following downward revisions for Malaysia and Hong Kong. It also cut its estimate of 2002 European growth to 2.5 percent from 2.7 percent; its estimate of U.S. growth next year, trimmed back a few weeks ago, stands at 2.8 percent. Morgan said the current 3.5 percent estimate of world economic growth in 2002 could fall to 3 percent.

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