Wells Fargo - "The global economy has clearly lost momentum this year. The U.S. economy, the world’s largest, continues to expand, but the pace remains subpar. Growth in the Chinese economy also remains positive, but it too has slowed this year. Many European countries have slipped back into recession (...) We project that global GDP growth will grow roughly 3 percent, which is below the long-run average, in both 2012 and 2013. We forecast that global GDP growth will move back toward its long-run average in 2014. Although our best-case scenario looks for continued global expansion, there are plenty of downside risks to keep in mind. A re- intensification of the European sovereign debt crisis could, in a worst-case but plausible scenario, lead to a global credit crunch."