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surveyed also think the economy is strong enough to withstand higher oil prices. At near $100 a barrel, oil prices are up 10 percent from a year ago. But only two of the economists AP surveyed expect the higher prices to slow the economy "a lot."The economists expect the European economy to shrink 0.5 percent in 2011 and fall into a recession. Europe is slowing as heavily indebted countries slash spending and banks exposed to government debt curtail lending.Among the gravest fears is that a major country like Italy will default on its debt, wiping out some banks with large holdings of European government bonds. A worldwide credit crunch like the one that followed the 2008 failure of Lehman Bros could follow.Twenty-one of the economists listed Europe as a threat to the U.S. economy next year."If it were a big enough downturn, given the size of Europe, it could bring the world economy down into recession," says Allen Sinai, president of Decision Economics.But

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