Nouriel
Roubini warns there's a risk of a 'Greater
Depression' as coronavirus spreads
By Julia La
Roche
Roubini on
Coronavirus: ‘This idea we’re going to restart
everything soon ... is totally nuts’
March 26, 2020
"Information
Clearing House"
- The
coronavirus pandemic is pushing the U.S. toward
recession that’s increasingly at risk of morphing
into something far more serious, economist Nouriel
Roubini told Yahoo Finance on Tuesday, which he said
could easily become a “Greater Depression.”
Rising
COVID-19 infections worldwide
have pummeled financial markets and forced entire
economies to impose a lockdown on its citizens. The
turmoil is something Roubini — a famed market
observer who foresaw the 2008 crisis — predicted
would be more severe than the last recession.
“There will be
a Great Recession more severe than the global
financial crisis. That’s the consensus,” Roubini
told Yahoo Finance.
“The question
is — are we going to have a three-quarter severe
recession worse than ten years ago, and then by the
fourth quarter we have a recovery? Or, is it going
to get worse?” he asked.
“[The] idea of
reopening everything in a week, after two weeks,
doesn’t make any sense,” he added.
‘Far worse’
than a depression
The economist
explained that the downturn so far has been “far
worse even than the Great Depression,” noting that
the free-fall of output happened in a matter of
three weeks rather than years or even months.
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