A leading economist who predicted the global financial crisis said on Friday that he expects a slow recovery for advanced economies.
New York University economist Nouriel Roubini also said that emerging economies might experience quicker, more robust growth.
Roubini said he did not expect a “V-shaped” recovery, the hoped-for fast rebound. Instead, he predicts a slower, “U-shape” economic recovery with the risk of a “double-dip” recession if governments don’t time the end of stimulus packages correctly.
“I believe that the basic scenario is going to be one of a ‘U-shaped’ economic recovery where growth is going to remain below trend ... especially for the advanced economies, for at least two or three years,” he said at a news conference on the sidelines of the Ambrosetti Forum on Italy’s Lake Como. The annual conference brings together top political and business figures.
“Within that ‘U’ scenario I also see a small probability — but a rising probability — that if we don’t get the exit strategy right we could end up with a relapse of growth and therefore with a double-dip recession,” he said.
Roubini said that “it is very tough not to make a policy mistake” between the opposite risks of ending the stimulus too soon — and sending the economy back into recession — or too late, which could mean unsustainable budget deficits. Of the two, he said, waiting too long seemed the hardest one to avert.
“Whether that’s highly likely or not, I don’t know. I think it certainly is a rising risk,” said Roubini, among the few experts to predict the current crisis.
Amid the cautious optimism being spread by some politicians and economy, Roubini warned against celebrating the end of the economic crisis too soon.
“There is now this belief that the crisis is over, the conditions in financial markets are fine, that banks are doing OK,” he said. “I think too many people are hopeful that everything is fine and unfortunately the road ahead is going to be at best bumpy, if not worse than that.”
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
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