World is heading towards a huge crisis - Senior economist Nouriel Roubini

Washington: ‘In the future, human society will face unprecedented threats. These threats are slowly building up and we are doing nothing to prevent them,’ warned Nouriel Roubini, a leading American economist. At this time, Roubini compared the dangers of the future to a slow-motion train wreck. American economists warned that the whole world is moving in the direction of such an accident. Last month, the senior economist of the United States, Mohamed El-Erian, warned that there are signs of a major upheaval in the structure of the global economy.

In the wake of the Covid outbreak in China, the global supply chain crisis and the subsequent Russia-Ukraine conflict, the global economy and other sectors are seeing major changes. It also includes changing geopolitical equations, technological upheavals, and a possible economic slowdown. Many economists and analysts point out that human society will face great crises while these changes occur. Roubini’s warning is also part of it.

‘Inflation, artificial intelligence, climate change and the threat of a third world war are all factors that will have a major impact on the world. Human society should now get used to being on high alert,’ said Roubini. He also claimed that a little bit of luck, global cooperation and unprecedented economic growth are the only three things that can bring us out of the big crisis and produce a positive impact.

‘Even as the economic crisis worsens, political leaders and economists worldwide are systematically making mistakes. They did not take the fight against inflation seriously and made no efforts against it. They were under the illusion that there would be a recession for six months and that this was not a big deal. But they were wrong. The possible economic slowdown will be deeper and longer rather than short-term,’ Roubini warns. Roubini also warned that the US economy would suffer from recession even if US leaders and officials refuse.

Nouriel Roubini had earlier correctly predicted the recession in 2008-09. Hence, he is popularly known as ‘Doctor Doom’. Against this backdrop, his warning about the great crisis looming over mankind becomes noteworthy. A few months ago, Russian President Vladimir Putin and German Chancellor Olaf Scholz stated that the old global economic structure was being broken.

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