Although Bank of America Merrill Lynch forecasts modest global growth in 2011, it does predict that stock prices around the world will rise by more than 15% and that the S&P 500 will rise by 9%.

The bank also expects global GDP to rise by 4.9% and U.S. GDP to grow by 2.8% in the coming year. Leading the expansion will be the U.S. and emerging markets economies, with the GDP of emerging markets rising by 6.4% and accounting for more than three-quarters of global GDP growth, BoA Merrill Lynch said.

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