Tuesday, June 2, 2009

There is a risk of a double dip, a W-shaped recession Roubini says

"The U.S. recession is going to be U-shaped, lasting roughly 24 months," Roubini told reporters in Seoul on the margine of the Seoul Digital Forum.. "Compared to the current consensus that says we are practically at the end of the recession ... my view is: no, it's going to last another six to nine months before it's over."

"Because I said the recession is going to be over by year-end, people say I am an optimist, but I've been saying the same thing for a while," Roubini said.

"I would say compared to current consensus, I am much more bearish," he said. "Compared to other people that say it's going to be a doomsday, I could be considered an optimist."

"There is even a risk of a double dip, a W-shaped recession at the end of next year," he said, a combination of rising oil prices, rising public debt and increases in real interest rates

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