Most emerging economies may be returning to growth, but they are performing well below their potential.
A sharp contraction in labour income has many negative effects on the economy and financial markets, says Nouriel Roubini.
A negative oil shock, together with rising government-bond yields, could clip the recovery's wings, says Nouriel Roubini.
Not yet, says Nouriel Roubini. Economic recovery everywhere will be weaker and will take longer than expected.
In the US, recession started in December 2007, and will last at least until December 2009 - the longest and deepest US recession since World War II, with the cumulative fall in GDP possibly exceeding 5 per cent. The recession in other advanced economies (the euro zone, United Kingdom, European Union, Canada, Japan, Australia, and New Zealand) started in the second quarter of 2008, before the financial turmoil in September and October further aggravated the credit crunch.
It will take a big change in economic policy and very radical, coordinated action among all advanced and emerging-market economies to avoid disaster.
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