Leading economist warns of 10 years of depression and debt

[kstanb]

Economist Nouriel Roubini has warned of a prolonged downturn and sluggish recovery from the coronavirus. Nicknamed Dr Doom for his gloomy predictions, Professor Roubini said there are some jobs that simply will not come back after this crisis.


https://www.bbc.com/news/business-52752172

 

[Ceiling Cat]

In the short / medium term places like theatres, gyms, restaurants, kids camps will see revenues cut in half. Airlines and hotels will suffer greatly this year and if they survive are in for many lean years.

 

[anonemouse]

In the short / medium term places like theatres, gyms, restaurants, kids camps will see revenues cut in half. Airlines and hotels will suffer greatly this year and if they survive are in for many lean years.

Much, much more than half. Kids overnight camps are closed this year; their revenue is zero. Restaurants are much less than half their income and there's no end in sight.

I'm curious to see how quickly it ramps up. Will people jump back in to travelling? Or a slow approach? I think a lot of people will take a couple of years to recover from this, financially speaking, so anything travel related is in for a bad 3-5 years.

 

[Malibuk]

Roubini has been making the same call for over 10 years, just like Gerald Celente.
One of these years he will be right, but for now governments can keep on printing money out of thin air to keep on kicking the can down the road.
I just hope this house of cards does not collapse while I am still alive.

 

[kstanb]

this year he nailed it :Cry:

 

[Ceiling Cat]

this year he nailed it :Cry:

Even a broken clock is right twice a day.

In previous recessions things started to get better after 3-4 years and only some people felt the effects of the downturn. This time we will all feel it and we are in for an extended business closures, lay offs, cut backs. Governments will have to spend less because of what they have already put out and what they may have to put out in the future, at the same time taking in less revenue. So it may be another 5-6 years before things start to get better and another 5-6 years before things return to previous levels.

 

[kstanb]

that is what dr Doom is predicting; the 20s (the decade, not the year) will be shit

he predicts that the range of economic harship will go from either a greater recession (greater than 2008s) to a greater depression (greater than the 1930s); or something in between

thanks god, once you take away "the hoby", I have low expenses

 

[Ceiling Cat]

The great recession of 2008 took about 4 years to recover, I think this one will be about 8-10 years. Providing we do not have a second wave of covid-19.