Coronavirus: Leading economist warns of 10 years of depression and debt

Sun Online Desk

23rd May, 2020 11:05:15 printer

Coronavirus: Leading economist warns of 10 years of depression and debt

 

Economist Nouriel Roubini has warned of a prolonged downturn and sluggish recovery from the coronavirus, BBC reported, BBC reported.

Nicknamed Dr Doom for his gloomy predictions, Professor Roubini said there are some jobs that simply will not come back after this crisis.

Even if the global economy recovers this year from the impact of the coronavirus, it will be "anaemic".

He warned of "unprecedented" recession. Professor Roubini foresaw the financial crisis in 2008 before many others.

Professor Roubini also said any recovery will be in the shape of what economists call a "U", or even "something closer to an L" - what he calls a "Greater Depression."

A U-shaped recovery means that growth will fall and bottom out, and then pick up only after a prolonged period of slow or no growth.

An L shaped recovery is even more drastic - falling sharply and staying there for an extended period of time.

 


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