Coronavirus: Leading economist warns of 10 years of depression and debt
Coronavirus: Leading economist warns of 10 years of depression and debt
Author: Karishma Vaswani
Economist Nouriel Roubini has warned of a prolonged downturn and sluggish recovery from the coronavirus.
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.
"During the global financial crisis it took about three years until output fell sharply," he told the BBC's Talking Asia programme from his home in New York.
"This time around it didn't take three years, not even three months. In three weeks there was a freefall of every component."
Drastic
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."
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