Chief economist of Gluskin Sheff + Associates David Rosenberg has 10 dire predictions for the 2011 market.
First off, before you uncork the champagne, he warns us that the US stock market is overvalued. In other words, expect a big fall. And the US economy is just going to crawl along. He warns that real GDP growth in the USA will slow from around 3% in 2010 to 2% in 2011. It might even go lower. And the problems in Europe will not go away and China will continue to tighten up its own market. The US dollar will strengthen but emerging markets in Asia will struggle. Deflation will continue to be a problem in the US and US home prices are heading down, wiping out wealth and leaving lots of people under water.
Brace yourself for a tough 2011. If you thought 2010 was hard, that was just the beginning.
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