Nouriel Roubini has earned the nickname “Dr. Doom” for his pessimistic predictions – but he is often correct. Now, Roubini is predicting a bitter Greater Depression in the wake of the Covid-19 crisis. In this episode, featuring content from the Bloomberg Odd Lots podcast, we dive deep into Dr. Doom’s predictions and ask what they may mean for South Africa. – Felicity Duncan
No one really knows how the Covid-19 crisis will end. While there are hopeful signs in many places that case counts and deaths are falling, other places continue to see exponential Covid-19 growth. One thing that is clear, however, is that the crisis has come with a devastating economic cost. Even in places that avoided full lockdowns, such as Sweden and Brazil, the economies are suffering staggering recessions. Global output is widely expected to fall this year as China, the global growth engine of the past decade, continues its fight against the coronavirus.
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Many places are starting to lift their lockdowns, including the US and many parts of Europe. However, the end of lockdown is by no means the end of the crisis. In fact, there is growing evidence that not only are we not through the worst of the Covid-19 outbreak, we are also only at the beginning of a global economic crisis.
Nouriel Roubini has built a reputation for himself as “Dr. Doom” – a highly negative economic and market prognosticator who sees devastation at every turn. In this crisis, Roubini has produced some of the most negative predictions. In this episode, featuring content from the Bloomberg Odd Lots podcast, we hear Roubini expound on his bleak outlook: recession, inflation, and then a global Greater Depression. It makes for grim listening and Roubini has been wrong before. But as the bad news mounts along with the Covid-19 death toll, it may be that for once Nouriel “Dr. Doom” Roubini is seeing clearly.
