COVID19 - ECONOMIC DOOM, FORECAST BY NOURIEL ROUBINI

Nouriel Roubini is a well known American economist. He teaches at Stern School of Business  of New York University. He is nicknamed Dr Doom for his gloomy predictions. He gave a warning well in time about the 'unprecedented' recession of 2008. Professor Roubini sees a 'Greater Depression' alongwith the Covid 19 invasion. The economy will have sharp fall and last longer may be about a decade. Millions of jobs will be lost both in rich and poor countries. "These jobs that are gone are going to come back only in part, with lower wages, no benefits, part time and there will be insecurity of jobs and income and wages for the average working person." Says the Professor. He adds further; "You can open the stores but the question is whether they're going to come back. Most of the shopping centres in China are still empty. Half of the flights aren't there. German shops are open but who wants to go and shop".

Prof. Roubini also says that there will be greater split between US and China and many Asian countries will be forced to choose between the two. Each one of them is going to say to the rest, either you are with us or against us."

KV George

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