Nouriel Roubini, a prominent New York University economist, has painted a gloomy picture of what is happening in the global economy. The expert warns against hasty steps and calls for all possible measures to minimize the negative consequences.
According to Roubini, a former senior economist for international affairs in the White House's Council of Economic Advisers, the current situation in the global economy resembles "a slow-motion train wreck." He is highly concerned about new economic, monetary, social, and geopolitical threats that are building up. A convergence of old and new problems poses a risk of the United States and Europe tipping into a recession next year, the economist believes.
Earlier, Roubini noted that the world had entered a "geopolitical depression" and warned about "the mother of all debt crises." Notably, his statements truly merit attention. After all, the economist predicted the onset of the 2008 global financial crisis. This forecast might be accurate as well.
Experts at German insurance company Allianz who foretold a 10% loss in the welfare of the world's population by the end of 2022 echo Roubini's view. According to their estimates, the Russian-Ukrainian conflict has choked the global economic recovery from the coronavirus pandemic, turning the world upside down and triggering severe food and energy shortages in different parts of the planet.