Recession astrologist: Economist Nouriel Roubini had correctly predicted the 2008 financial crisis when the economy in the US and elsewhere was booming.
New prediction: Roubini sees a “long and ugly” recession occurring at the end of 2022, lasting all of 2023, with the S&P 500 undergoing a sharp correction, said a Bloomberg report quoting his upcoming book, “MegaThreats”.
Dr Doom, as Roubini is nicknamed, has warned those playing down the economic crash fears in the US as “shallow recession”, pointing to large debt ratios of corporations and governments. He says “many zombie institutions, zombie households, corporates, banks, shadow banks and zombie countries are going to die”.
More rate hikes in the US: Roubini expects about 175 basis points rate hike in the US by December to contain inflation and ward off the impacts of the Russia-Ukraine war and China’s zero-Covid policy on global economy.
