The IMF said on Monday that the global economy is forecast to slow dramatically. The World Bank President warned that the ongoing financial turmoil could be a tipping point for many developing countries. US Investment bank Morgan Stanley said that the risk of a more serious downturn in Europe has increased over the last few weeks and it downgraded its forecast for Eurozone growth, inflation and interest rates. It now forecasts an outright contraction Eurozone economic activity. In the US, a survey of business economists forecast no economic growth in the fourth quarter following an estimated annualised rise of only 1.0 % in real GDP (gross domestic product) in the third quarter.