Morgan Stanley Smith Barney characterized its outlook for 2011 with the phrase “recovery becomes expansion.” The business-cycle recovery in the global economy that began in the summer of 2009 is now an expansion, it says in a new report.

The global economy, at $62 trillion, is now larger than ever, it says, citing statistics from the International Monetary Fund. And at almost $15 trillion, the U.S. economy is larger than it was at the onset of the recession, at least in nominal terms. And within a few months, it is likely to enter expansion in real terms.

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