RGE Monitor Chairman, Nouriel Roubini, told CNBC Monday that his comments in a speech last week about the economic contraction ending in 2009, were simply taken out of context. Roubini stressed he has been consistent in his analysis.
“I’ve been saying all along the recession is going to last 24 months”, Roubini said.”It started in December of 2007 and my view is that it won’t be over until December of this year.”
Directing his attention to the current state of the economy, Roubini said he expects the economic recovery to be “subpar” and “very ugly.”
“I see a one percent growth in the economy in the next few years. There will also be 11 percent unemployment next year and the recovery is going to be slow. It’s going to feel like a recession even when it ends,” Roubini said.
Roubini remains of the view that the sluggish U shaped recovery we are in “might go into a W double dip if we don’t fix the problems in the economy.”
When asked which country exits the global recession first, Roubini answered: “The US should be the first, but emerging markets do have some movement.”
