Tuesday, December 9, 2008

World could face a decade-long slump: Krugman

The world economy will likely feel the impact of the global financial turmoil for another three years at least, the 2008 winner of the of the Nobel economics prize Paul Krugman said Monday.

'We could easily be talking about a world economy that is depressed into 2011 and even beyond,' the Princeton University professor and New York Times columnist told reporters in Stockholm, where he will receive his Nobel prize this week.

'The scenario I fear is that we'll see for the whole world the equivalent of Japan's lost decade in the 1990s, that we'll see a world of zero interest rates and inflation and no sign of recovery and it will just go on for a very, very extended period,' he said.

'On top of that, we'll have a series of extremely severe crises in particular countries in trouble,' he predicted, pointing out that 'we certainly see the roots of ... Argentina- or Indonesia-style crises ... particularly in the European periphery.'
To read more, please, visit -The Economic Times

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