Roubini is forecasting a recession that lasts 2 full years and hits pretty hard.
The U.S. recession will last two full years, with gross domestic product falling a cumulative 5%, said Nouriel Roubini, chairman of RGE Monitor. Roubini was one of the first economists to predict the recession and the credit crunch stemming from the housing bubble. For 2009, Roubini predicts GDP will fall 3.4%, with declines in every quarter of the year. The unemployment rate should peak at about 9% in early 2010, he said. Consumer prices will fall about 2% in 2009. Housing prices will probably overshoot, dropping 44% from the peak through mid-2010.
Roubini also states that we can’t avoid the sever contraction that is already taking place. By this statement he is forecasting that we won’t go into a depression but a long recession that is hitting hard and going to continue.
Source: Roubini forecasts recession will last 2 years.
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Hi More Merchant,Just found you in the blog catalog and left you a shout out. I wanted to check out your blog and see what you are up to. This post was really depressing thanks a bunch…just got my statement with my lost for 2008 in stock market. So we have another year of this? Great! You have a great blog here and I’m also interested in your post of how and where you make your money I’ll be back for part 2. I’d like to email you with concerns to your BlogCatalog bio. Thanks.
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